News story

Linde: steel prices depress forklift profits

Thursday, 18 November 2004 ( #184 ) - WIESBADEN, Germany
Linde chief executive Wolfgang Reitzle says rising steel prices will depress the profits of the company's forklift division by EUR20 million (USD26 million) this year. "We could have delivered dream earnings (in) materials handling," he said. "Instead we will deliver top earnings." Reitzle said Linde would continue to cut material handling costs, which could lead to job cuts. The Still brand would come under special focus, he said. "I don't want to exclude trying to cut jobs wherever possible," he said. Linde AG increased third quarter operating profit from EUR149 million (USD194.2 million) to EUR181 million (USD235.9 million). Third quarter net profit rose from EUR23 million (USD30 million) to EUR79 million (USD103 million). Sales for the quarter rose from EUR2.178 billion (USD2.8 billion) to EUR2.465 billion (USD3.2 billion).