March 23, 2020 / 8:40 AM / 6 days ago

BRIEF-Leoni Expects Substantial Burdens From Coronavirus Pandemic

March 23 (Reuters) - LEONI AG:

* LEONI EXPECTS SUBSTANTIAL BURDENS FROM THE CORONAVIRUS PANDEMIC AND DECIDES ON MEASURES TO ENSURE THE CONTINUATION OF BUSINESS OPERATIONS

* EXPECTS CONSIDERABLE BURDENS ON SALES, EARNINGS AND LIQUIDITY DUE TO CORONAVIRUS

* LEVEL OF THIS IMPACT IS NOT FORESEEABLE AT THIS STAGE

* PLANS TO APPLY FOR FINANCIAL AID TO INCREASE ITS FINANCIAL FLEXIBILITY

* BOARD OF DIRECTORS TODAY HAS DECIDED ON A NUMBER OF MEASURES TO ENSURE CONTINUATION OF BUSINESS OPERATIONS

* MEASURES INCLUDE PLANT CLOSURES IN EUROPE, NORTH AFRICA AND SHORT-TIME WORK IN GERMANY AS WELL AS COMPARABLE MEASURES AT FURTHER EUROPEAN LOCATIONS

* IMPLEMENTATION OF THESE MEASURES WILL SIGNIFICANTLY REDUCE MATERIAL AND PERSONNEL COSTS

* ALSO EXPECTS AUTOMOTIVE BUSINESS OF WIRE & CABLE SOLUTIONS DIVISION TO SUFFER SUBSEQUENT DECLINES AND PRODUCTION LIMITATIONS

* PRODUCTION FOR INDUSTRIAL BUSINESS OF WIRE & CABLES DIVISION WILL BE MAINTAINED, ALTHOUGH SOME LOSSES ARE TO BE EXPECTED Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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