Saint-Gobain 2012 Sales Up 2.6%

In response to European slowdown, Saint-Gobain cut 520 million (US$690 million) in costs.

European building materials supplier Saint-Gobain reported sales for the full year 2012 of €43.2 billion (US$57.4 billion), an increase of 2.6 percent compared to 2011. Profit decreased 40.3 percent to €766 million (US$1 billion).

In France and other Western European countries, like-for-like sales were down 2.5 percent and 4.3 percent, respectively, due to a sharp drop in Flat Glass and Pipe sales. North America posted 2.3 organic growth, with a positive contribution from all business sectors,  especially Construction Products. Sales in Asia and emerging countries were virtually stable (down 0.1 percent) on a like-for-like basis.

 “2012 saw a further general slowdown in economies across Europe as well as slacker growth on our main markets (particularly Flat Glass) in Asia and emerging countries," Pierre-André de Chalendar, chairman and CEO, said.

"Faced with this bleaker economic climate, which hit our trading and earnings performances, we were very quick to react, cutting another €520 million (US$690 million) in costs and keeping a closer watch on cash," Chalendar said.

Fourth-quarter sales for Saint-Gobain were €10.7 million (US$14.2 million), a year-over-year increase of 1.6 percent.

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