Tefal maker SEB cuts annual profit forecast as demand weakens, shares drop 21%

By Gianluca Lo Nostro (Reuters) -Shares of Tefal pan manufacturer SEB plunged 21% on Monday after it cut its annual profit and revenue forecast for the second time this year, saying sales in Europe have been slower than expected and U.S. consumers and business clients have adopted a "wait and see" attitude. SEB, which also makes Rowenta irons and Krups coffee machines, slashed its annual operating profit forecast to between 550 million euros and 600 million euros ($702.90 million), from 700 million to 750 million euros previously. Consumers in the euro zone have reduced their spending on non-essentials, a European Central Bank survey found in September, and in the U.S. consumer confidence has fallen as the labour market weakens and shoppers expect higher tariffs on imports to cause inflati