Pipe manufacturer Uponor (Vantaa / Finland; www.uponor.com) has cut its 2008 full year profits guidance due to the effect of the downturn in construction activity in its main markets, especially in Spain and the USA, but also in the Nordic countries. The new guidance for 2008 states that the company’s continuing operations’ net sales are not expected to “quite reach” last year’s level and that its operating profit is estimated to fall short of the 2007 level. Shares in the company fell by 9% on the Helsinki Stock Exchange following the announcement on 11 June 2008.

The company said that estimates of the full-year development in its primary markets have been reduced significantly, to a level below those used as the basis for its full-year guidance statement issued in April. Uponor is taking action to adjust production capacities to match current demand; this includes job losses and temporary production shutdowns.

The company’s continuing operations exclude the sales and profits of its UK and Irish infrastructure business, which is being sold to private equity company 3i (London / UK; www.3i.com) – see Plasteurope.com of 20.05.2008.