Georgia Gulf halts dividends on weak US market

17 September 2008 15:35  [Source: ICIS news]

TORONTO (ICIS news)--US polyvinyl chloride (PVC) products major Georgia Gulf has suspended its quarterly cash dividends due to the impact of the weak US economy, and particularly the housing market, it said on Wednesday.

 

In a brief statement, Georgia Gulf also said it remained focused on reducing costs, working capital and debts.

 

“The company continues to evaluate options to refinance the senior credit facility to obtain a structure with greater long-term flexibility,” it added.

 

Georgia Gulf recently announced an amendment to its senior credit facility that adjusted certain financial covenant ratios to reflect the current market conditions.

 

To discuss issues facing the chemical industry go to ICIS connect

By: Stefan Baumgarten
+1 713 525 2653

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly