As indicated in early May and following the strong performance in the first quarter, market headwinds increased sharply in the second quarter. Businesses related to oil and gas, automotive, and aerospace were the most significantly impacted, with revenues down about 40%, whereas businesses related to construction and mining were down about 20%. Other key markets such as healthcare, agro/food, home & personal care and electronics resisted well and helped to offset some of the challenged markets. Against that backdrop, Group sales were down 20% in aggregate across April and May versus 2019 levels, reflecting the resilience of
Given the deterioration in short and mid term economic performance due to COVID-19, an impairment review is underway and likely to lead to a non-cash impairment estimated around
We continue to act decisively to mitigate the effects of COVID-19 and we remain unrelenting in our focus on free cash flow generation, cost reduction, and serving our customers. We are accelerating delivery of our G.R.O.W. strategic programs to deliver superior growth through our leadership positions and innovation.
Final impairments will depend inter alia on exchange rates and discount rates prevailing at
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This press release may contain forward-looking information. Forward-looking statements describe expectations, plans, strategies, goals, future events or intentions. The achievement of forward-looking statements contained in this press release is subject to risks and uncertainties relating to a number of factors, including general economic factors, interest rate and foreign currency exchange rate fluctuations, changing market conditions, product competition, the nature of product development, impact of acquisitions and divestitures, restructurings, products withdrawals, regulatory approval processes, all-in scenario of R&I projects and other unusual items. Consequently, actual results or future events may differ materially from those expressed or implied by such forward-looking statements. Should known or unknown risks or uncertainties materialize, or should our assumptions prove inaccurate, actual results could vary materially from those anticipated. The Company undertakes no obligation to publicly update or revise any forward-looking statements.
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