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Kingspan plans cuts in tough conditions

Products firm Kingspan has warned it may have to close plants and cut staff because of a downturn in its market.

And it warned that it expected earning to be down this because of world economic woes.

In an interim management statement released today, the group said it had been impacted by the current climate and expected continued pressure on its margins throughout the rest of the year.

It said: "Overheads have and continue to be reduced throughout the business to reflect the tightening environment. Measures include some plant closures and headcount reductions in the UK and Irish Offsite businesses."

Kingspan said while it had performed well in its offshore markets, currency weaknesses – particularly the US dollar – had also had an adverse effect on profitability.