KINGSPAN CEO Gene Murtagh has described the coronavirus crisis as a "monumental test" for the Irish insulation giant and is slashing pay across the group to safeguard jobs. In a circular sent to staff and seen by the Irish Independent, Mr Murtagh said that the world was living through "extraordinary times" due to the coronavirus pandemic. It has also decided not to pay a final dividend in respect of 2019, which would have amounted to about €60m. "This will be applied as appropriate by region," Mr Murtagh added. Mr Murtagh said it was uncertain at this stage whether the two months of cuts would be sufficient.

Source: Irish Independent March 20, 2020 02:26 UTC