March 24, 2020 / 5:48 PM / 11 days ago

BRIEF-Talgo To Implement Temporary Layoffs For About 280 Workers In Spain, Withdraws 2020 Guidance

March 24 (Reuters) - Talgo SA:

* SAYS IT IS POSSIBLE THAT GROUPS MAIN TWO PLANTS (RIVABELLOSA (ALAVA) AND LAS MATAS II (MADRID)) MAY HAVE TO BE CLOSED TEMPORARILY IF SPAIN ENTERS A STATE OF EXCEPTIONAL EMERGENCY OR IF LACK OF SUPPLIES OR PROVISION OF SERVICES HINDERS THE PROJECTS

* SAYS COMPANY’S MAINTENANCE FLEET, WHICH IS LOCATED IN SPAIN WITH RENFE AS CLIENT, HAS BEEN REDUCED BY MORE THAN 60%

* SAYS OPERATIONS IN OTHER MARKETS SUCH AS SAUDI ARABIA, KAZAKHSTAN AND UZBEKISTAN HAVE BEEN SUSPENDED TEMPORARILY

* SAYS WILL IMPLEMENT TEMPORARY LAYOFFS DUE TO FORCE MAJEURE FOR APPROXIMATELY 280 PEOPLE IN THE MAINTENANCE TEAM IN SPAIN

* IN US AND RUSSIA SUSPENSION OF MAINTENANCE ACTIVITY HAS BEEN PARTIAL, IN GERMANY, EXISTING MAINTENANCE SERVICES ARE STILL BEING PROVIDED WITH NORMALITY

* TALGO SAYS DECIDED TO WITHDRAW ITS FINANCIAL FORECASTS FOR 2020 Source text: bit.ly/33GMGqG Further company coverage: (Gdansk Newsroom)

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