* Economic crisis to pressure Sonae Industria 2009 sales

* Company says not under financial strain, credit lines open

* Eyeing consolidation opportunities in South America

LISBON, 22 Jan (Reuters) – Portugal’s Sonae Industria, the world’s second largest wood panel maker, may close factories and sell assets in response to weakening demand during the global crisis, CEO Carlos Bianchi de Aguiar said.

Sonae Industria has 34 factories in nine countries and its business depends on the construction, furniture and decoration sectors, all of which are among the hardest hit by the economic downturn.

The company earlier this month announced downsizing and production line cuts at factories in Portugal and Ireland. “The situation we are in right now has no precedents, it is all open,” de Aguiar said when questioned about possible factory closures, layoffs and asset sales.

On Tuesday, Sonae Industria’s German peer Pleifderer said it wants to have a key role in any consolidation of the sector and has a 600 million euro credit line to do so and may conduct a capital hike if required.

In a written interview with Reuters, de Aguiar said the company’s strategy “has to be sufficiently flexible and open to all possibilities”.

Sonae Industria’s swing to a 27 million euro loss in the first nine months of 2008 from a 63 million euro profit a year earlier was caused not only by a 12 percent drop in sales, but also by higher prices of raw materials.

De Aguiar said, however, that the company is not under financial pressure as it has credit lines ready to be used, but he did not provide any figures for these.

He added that Sonae Industria is still eyeing M&A opportunities in South America after talks for a merger of its Brazilian operations with Chile’s Masisa fell through last year. (Reporting by Elisabete Tavares; Writing by Shrikesh Laxmidas; Editing by Axel Bugge and Jon Loades-Carter)

via INTERVIEW-Sonae Industria may close factories, sell assets By Reuters.

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