Lindab Falls on Weaker Demand, December Chill: Stockholm Mover
Lindab International AB (LIAB), a Swedish maker of steel ventilation parts and building components, fell to the lowest level in four months after saying weakening demand had accelerated in the third quarter and continued in the fourth.
“Fourth-quarter sales will also be affected by the harsher winter weather conditions we are experiencing in December in several markets, mainly affecting Building Components,” the company said in a statement today. “For 2013 we expect a weak start given the current market conditions.”
Lindab fell as much as 5.5 percent to 41.6 kronor, the lowest price since Aug. 16. At 10:21 a.m. in Stockholm the stock was down 4.9 percent in its seventh day of losses, valuing the Baastad-based company at 3.29 billion kronor ($494 million). Trading volume was more than half of the three-month daily average.
The manufacturer had 74 percent of its sales in the Nordic region and western Europe last year, according to its annual report.
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