date:Jul 30, 2012
20% due to taking out production - we closed a furnace in Spain last year which has taken volume out of the equation.
The competitive pressure he refers to is mainly coming from southern Europe, where a few small competitors are reportedly taking advantage ofvolume opportunitiesin wine bottles.
As a result, we have implemented production curtailments in Europe to balance capacity with customer demands and to ensure that we meet our cash flow targets,he said.
Measures have included temporary