Recticel has temporarily stopped its European automotive activities, although it notes business in China is progressively returning to pre-coronavirus levels.
Temporary unemployment is being implemented to the maximum extent where applicable and top management remuneration is reduced for the time being.
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Capital expenditure is reduced to the minimum and all non-essential projects have been put on hold.
Given the uncertain and rapidly changing situation, the supplier has withdrawn the guidance given on 28 February, 2020 of a full-year 2020.
“Our number one priority is the health and well-being of all our employees,” said Recticel CEO, Olivier Chapelle.
“As the pandemic is causing extraordinary challenges to all of us, we are taking all necessary precautionary measures to protect our employees and our business and I remain confident we shall overcome today’s crisis without compromising our long-term strategy of sustainable development.”
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By GlobalData“I want to express my deep respect and gratitude to our very dedicated employees as well as to everybody fighting the effects of this pandemic.”
