Netherland Companies “Hit Hard”Due to Economic Crisis
An increasing number of large Dutch companies are suffering from the economic fall out from the credit crisis. Yesterday alone, four companies reported profit declines or production cuts as a result of the worsening economy, the Financieele Dagblad reports.
TNT, the post and parcel delivery company, said it would cut costs at its air freight division because of pressures on profits and turnover. Supermarket wholesaler Sligro said it expected profits to be lower than originally expected this year. Meanwhile both steel producer Corus and truck maker DAF Trucks said they would be cutting production due to declining demand.
Over past few days, electronics giant Philips, coatings group Akzo Nobel, chip machine maker ASML and printer and copier concern Océ have all said they were facing problems as a result of the economic downturn sparked by the financial crisis.