ERJ staff report (TB)
Baar, Switzerland — Flooring, adhesives and belting maker Forbo said its net sales declined considerably in the final quarter of 2008 compared with a year earlier.
The firm said different measures its customers took in December, such as closing plants, instituting compulsory vacation and cutting the workweek, hurt its sales.
Forbo said despite the difficult economic climate, it had record results in the first half of 2008 and earnings were satisfactory through the third quarter. Since then, the profit situation has deteriorated considerably.