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Uponor: Sales and earnings slump in 2009

An unprecedented slowdown of construction activity severely pressured results of Finnish plastic pipe manufacturer Uponor (Vantaa; www.uponor.com) in 2009. Sales declined nearly 23% to EUR 734.1m, operating profit by 19% to EUR 41.2m. The group said this reflects a more than two-year contraction of the housing and infrastructure technology markets as well as EUR 5.3m in non-recurring restructuring charges.

Uponor said the rate of decline in its business slowed as the year advanced, but due in part to expiration of economic stimulus packages 2010 sales will be flat. Operating profit is seen as improving.

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