August 14, 2018 / 8:15 AM / a year ago

Geberit eyes price hikes in Turkey to counter currency devaluation

ZURICH, Aug 14 (Reuters) - Swiss group Geberit will consider raising prices for its piping and plumbing products in Turkey to counter the massive recent devaluation of the Turkish lira, Chief Executive Christian Buhl said on Tuesday.

“From a local perspective we are facing pricing issues because of the devaluation of the local currency and of course we will think about price increases locally to save our margins,” Buhl told a conference call.

“We have sales in Turkey, but they are very low and they are not material from a group perspective. Whatever happens in the Turkish construction market it will not have an impact on group sales,” added the executive.

The lira hit a record low on Monday and has weakened 45 percent against the dollar this year, hit by worries over Turkish President Tayyip Erdogan’s calls for lower interest rates and worsening ties with the United States. (Reporting by John Revill; Editing by Michael Shields)

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