Leicestershire-based Ibstock, the manufacturer of clay bricks and concrete products, has temporarily suspended production at its manufacturing facilities.
The decision comes in light of the Government’s escalating measures to contain the spread of the virus, and in order to ensure the health and safety of employees, customers and other stakeholders.
In addition to the temporary suspension of manufacturing operations, the company has taken a number of actions to reduce operating costs across the Group and will defer non-essential capital expenditure. The capital expenditure associated with the recently announced redevelopment of Ibstock’s Atlas clay brick manufacturing facility has not yet been contractually committed and the project has been put on hold.
Ibstock has also cancelled the 2019 final dividend payment of 6.5 pence per ordinary share (total cost of £27 million).
The company intends to participate in the UK Government’s job retention scheme.