US economy

Lafargeholcim slashes spending, does not plan layoffs for now

© Reuters. The logo of LafargeHolcim, the world’s largest cement maker, is seen in Zurich

ZURICH (Reuters) – LafargeHolcim (S:) said it was not planning any job cuts as the world’s biggest cement maker ditched its profit forecast for 2020 and announced spending cuts to counter the downturn in construction caused by coronavirus.

The Swiss company said it was trimming capital expenditure by at least 400 million Swiss francs (339.93 million pounds) compared to 2019, and also reducing fixed costs by at least 300 million francs.

“There are no job cuts planned for now,” a company spokesman said.

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