Lenzing Company News - Suspension of 2020 guidance
Lenzing suspended the recently issued 2020 guidance of earnings below the levels of 2019 (EBITDA of EUR 326.9 mn). The Covid-19 crisis is expected to have a negative impact on textile sales volumes, but the duration and further effects on the global economy and the textile industry cannot be reliably estimated.Lenzing has already started to implement cost savings measures in order to mitigate the decline in sales.
Lenzing is engaged in supplying the global textile and nonwovens industries with man-made cellulose fibers and is a supplier in many business-to-business markets. The portfolio ranges from dissolving pulp, standard and specialty cellulose fibers to high-quality plastic polymer products and engineering services. Co.'s operations are divided into three segments: Fibers, which produces and markets man-made cellulose fibers for the textile and nonwovens industry; Plastics, which produces weaving, labelling films, laminates and woven fabrics; Engineering, which implement projects, supply plant and equipment and provide services arond the world.
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