James Hardie shutters plants to contain COVID-19 fallout

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Building products giant James Hardie has tightened its profit guidance, suspended its dividends and will close three plants around the world in response to the coronavirus pandemic | DarrenGrayRural

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Building products giant James Hardie has tightened its profit guidance, suspended its dividends and will close three plants around the world in response to the coronavirus pandemic that has smashed economies around the globe.

The fibre cement products made at Penrose in New Zealand will instead be made at two Australian plants, at Rosehill in NSW and Carole Park in Queensland."These decisions are always extremely difficult. Our leadership team took this action with considerable thoughtfulness, with the strategic objective of preserving and enhancing the global organisation's competitiveness over the long term," company's chief executive Jack Truong said.

James Hardie has also joined the growing list of companies suspending dividends, with the company telling shareholders on Tuesday that the move was needed to strengthen the company’s liquidity position in a volatile market.

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