French construction group plans 4,000 job cuts

0 Comments | AFP, July, 2008

PARIS (AFP) — French construction group Saint-Gobain said Thursday it would cut 4,000 jobs this year, mostly in Britain, Spain and the United States, as part of a cost-cutting drive in the face of a sharp downturn in the housing market.

"Faced with the gradual deterioration in the international economic environment since summer 2007, the group has stepped up the cost cutting program put in place for the United States in the second half of 2006 and for certain European countries at the end of 2007," Saint-Gobain said in an earnings statement.

"In total, these programs will lead to additional full-year workforce reductions of 6,000, including 4,000 in 2008, and generate savings of 435 million euros (682 million dollars), of which 300 million euros for 2008."

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