ECONOMY

Frigoglass revises its outlook

Frigoglass, the world’s largest maker of drinks refrigeration equipment, is cutting its earnings outlook on slowing demand and plans to shut a plant in Norway and scale back another in Poland to reduce costs. The Athens-based firm’s net income in the first nine months of the year fell 15 percent to 37.9 million from 44.8 million euros a year earlier. Sales rose 11 percent to 423.7 million euros, with the acquisition of a Turkish manufacturer helping to offset declines in Germany and Russia. Frigoglass revised lower its forecasts for 2008, with sales seen as falling between 2 and 3 percent, earnings per share (EPS) falling between 18 and 20 percent, while capital expenditure is seen at coming in at between 26 million and 27 million euros. The company had previously forecast sales to rise 2-3 percent, EPS to increase 3-4 percent and capex to be 27-28 million euros. Frigoglass said streamlining efforts will include shutting down its plant in Norway, restructuring its Poland factory and lowering general and operational costs.