March 19, 2020 / 3:58 PM / 11 days ago

Kingspan to cut all pay by 40% for two months - letter

DUBLIN (Reuters) - Kingspan (KSP.I) will cut executive pay by 50% and implement a 40% cut for the rest of its 14,500 staff for two months due to unprecedented production and demand disruption from coronavirus, according to a letter to staff obtained by Reuters on Thursday.

Kingspan chief executive Gene Murtagh told staff he did not know if the cut in pay from April 1 to June 1 would be sufficient but that it was critical to protecting as many jobs as possible as they face into “a monumental test”.

Kingspan, which earlier announced it would withdraw its proposed final dividend for 2019 and had a strong balance sheet with more than 1 billion euros in cash and committed undrawn bank facilities, would also immediately freeze all spending that is not business critical, Murtagh said in the message to staff.

Reporting by Padraic Halpin; Editing by Alex Richardson

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