Wienerberger - We couldn't care less about the annual report 2007.
2008 marked a clear turning point in global economic development. The financial crisis and its spread to the real economy drove the USA and Western Europe into a recession after years of growth. High write-offs to bank portfolios triggered a loss of confidence in the financial sector as well as a shortage of liquidity on capital markets. The construction industry was one of the first sectors to be affected by the downturn because new residential construction is heavily dependent on bank financing and consumers generally postpone major investments in uncertain times. Wienerberger reacted quickly to the changing market environment in summer 2008 and launched an extensive optimization and restructuring program that included the shutdown of 27 plants and 11 production lines...
To Chief Executive's Review© 2008 by Wienerberger AG