Saint Gobain profit plummets for first half of 2009

07/24/2009 | Wall Street Journal, The · Reuters

Building materials company Saint Gobain reported an 88% drop in net profit for the first half of the year. The French company plans to institute cost-cutting measures and put acquisitions on hold for the second half and expects profits to rebound a bit then. "Generally speaking, we have reached the bottom point in most of our countries," said Pierre Andre de Chalendar, the company's CEO.

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