LIMOGES, France--(BUSINESS WIRE)--Regulatory News:
Legrand (Paris:LR) is fully mobilized to address the deteriorating world health and economic situation caused by the rapid spread of Covid-19 in many countries:
- the Group’s priority is to protect the health and safety of its employees, in particular by rigorously applying the recommendations of local authorities and the World Health Organization;
- the Group is focused on providing the best possible service to customers, whose business is essential to the functioning of the economy;
- backed by a proven model, the Group is working very actively to protect its profitability and free cash flow.
Against this deteriorating and uncertain backdrop, Legrand announced today that it is suspending the 2020 targets it published last February 131 which, as announced, were set “excluding any major changes in the economic environment possibly linked to developments in the world health outlook.”
Benoît Coquart, Legrand’s Chief Executive Officer, said: “Faced with an unprecedented global health crisis, Legrand’s priority is to protect its employees and stakeholders. This is why we adapted our organization at a very early stage and relayed clear instructions within the Group to apply rulings rolled out by governments and health authorities.
The current situation, due to its geographical scope and the uncertainties arising from it, also has a major impact on trends in the world economy. Building on a solid balance sheet, with a proven ability to adapt, and thanks to the unwavering mobilization of its experienced and fully committed teams, the Group is already deploying all of the measures needed to protect its sustainable and profitable growth model.”
1 For more information, readers are invited to consult the press release dated February 13, 2020.
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Legrand is the global specialist in electrical and digital building infrastructures. Its comprehensive offering of solutions for commercial, industrial and residential markets makes it a benchmark for customers worldwide. Drawing on an approach that involves all teams and stakeholders, Legrand is pursuing its strategy of profitable and sustainable growth driven by acquisitions and innovation, with a steady flow of new offerings—including Eliot* connected products with enhanced value in use. Legrand reported sales of over €6.6 billion in 2019. The company is listed on Euronext Paris and is notably a component stock of the CAC 40 index.
(code ISIN FR0010307819)
*Eliot is a program launched in 2015 by Legrand to speed up deployment of the Internet of Things in its offering. A result of the group’s innovation strategy, Eliot aims to develop connected and interoperable solutions that deliver lasting benefits to private individual users and professionals.