Linde makes progress revamping Australian, South African units
MUNICH/FRANKFURT May 12 (Reuters) - German industrial gases company Linde is seeing good progress at businesses in South Africa and Australia, where it has launched cost cutting measures.
"The situation in South Africa appears to be improving slowly and in Australia we have progresses faster than planned," Chief Executive Wolfgang Buechele told shareholders at the group's annual general meeting, adding that restructuring operations in Brazil would be next.
Linde in March unveiled new cutbacks in Australia, South Africa and Brazil, eyeing cost savings of up to 80 million euros in 2016.
Australia will see a weak manufacturing industry this year and investments in the mining industry will continue to decline, Linde has cited economic forecasts as saying. In South Africa, strikes had weakened the economy last year.
(Reporting by Joern Poltz and Ludwig Burger; Editing by Kirsti Knolle)
© Thomson Reuters 2017 All rights reserved.