News: CSR to restructure glass business

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Shares in CSR Limited (ASX:CSR) fell this morning after revealing it will restructure its float glass and bulk laminate manufacturing operations in an effort to cut costs. 

The company that manufactures building materials, aluminium and glass has had its profits dented by a weak building industry and a strong Australian dollar.

The restructure at its Viridian glass business is expected to cost around $22 million but result in annual savings of $10 million.

Looking ahead, CSR has forecast its first-half net profit will grow by 10 per cent in the six months to September 30, 2011. The results are due to be released in November.

Shares in CSR had fallen 5.41 per cent in morning trade to $2.45.

In the 2010 financial year CSR reported a net profit of $534 million.