March 26, 2020 / 12:10 PM / 5 days ago

BRIEF-Gunnebo Updates On Impact Of Covid-19 Pandemic

March 26 (Reuters) - Gunnebo AB:

* INFORMATION ABOUT THE IMPACT OF COVID-19 PANDEMIC ON GUNNEBO

* IS TAKING STEPS TO MEET ANTICIPATED CONSEQUENCES AND IS ADAPTING ITS OPERATIONS TO SECURE LONG-TERM FINANCIAL STABILITY

* TEMPORARY CLOSURE OF PRODUCTION UNITS IN INDIA AND ITALY IN LINE WITH GOVERNMENT DECISIONS

* FORESEES A DECLINE IN DEMAND IN Q1, TO VARYING DEGREES IN OUR BUSINESS UNITS

* TEMPORARILY CLOSED PRODUCTION UNITS IN HALOL (INDIA) AND LAVIS (ITALY)

* FACTORY IN KUNSHAN (CHINA) HAS RESUMED PRODUCTION AFTER A TEMPORARY CLOSURE.

* TEMPORARY CLOSURE OF LOCAL SALES AND SERVICE OPERATIONS IN MARKETS WHERE THERE ARE STRICT RESTRICTIONS ON MOBILITY

* FINANCIAL IMPACT ON GUNNEBO AND PRODUCTION AND DELIVERY DISRUPTIONS THAT RESULT FROM THIS ARE CURRENTLY BEING EVALUATED.

* DURING CURRENT QUARTER AND UPCOMING QUARTER, WE FORESEE LOWER DEMAND FOR OUR PRODUCTS, SERVICES

* EXPECTED NEGATIVE IMPACT ON PROFITABILITY FOR Q1 AND Q2 COMPARED WITH CORRESPONDING PERIODS LAST YEAR Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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