TRELLEBORG, Sweden—Trelleborg A.B.'s announcement of restructuring measures on July 20 follows a challenging first half of trading for the Sweden-based rubber-based products and systems manufacturer.
Group earnings (EBIT excluding items affecting comparability) fell 17 percent year-on-year to $245 million on 9 percent lower sales of $1.9 billion during the first six months of the year, Trelleborg said in its first half report July 20.
The second quarter was particularly impacted by COVID-19 shutdowns and slow demand, which contributed to a 29 percent decline in earnings at $106 million and an 18 percent drop in sales to $858 million.
"It was a very challenging quarter in many respects and without the extensive efforts ... [of] employees at all of our sites throughout the world, this [performance] would not have been possible," CEO Peter Nilsson said.
The pandemic negatively impacted organic sales and earnings in most regions within the Trelleborg Industrial Solutions and Trelleborg Sealing Solutions.