Pilkington Shares Lose Shine on Outlook
June 14, 2001
Pilkington Plc, which is developing the world's first self-cleaning glass, saw its shares slump recently as a cautious trading outlook took the polish off a 23% rise in full-year profits. The British glassmaker reported full-year pre-tax profits before exceptional items of 216 million pounds -- towards the top end of market forecasts -- and added it was keen to build up its U.S. presence by taking over the glass-making business of U.S. automotive parts supplier Visteon Corp. However, Pilkington also said its glass markets were weakening and that economic conditions in its key U.S. and European markets remained uncertain -- giving investors the cue to sell stock. "In the United States, automotive production in recent months has been curtailed and activity in the building market is significantly lower than the same time a year ago," Pilkington said in a statement.