St-Gobain Rules Out ABB-style Asbestos Payment

Date: 7 February 2003

French glassmaker Saint-Gobain SGOB.PA has no plans to follow the example of Swiss firm ABB by making a major payment to settle U.S. asbestos claims, a senior executive said on Thursday.

"These transactions are feasible within the framework of bankruptcy. We are not in a bankruptcy situation," chief financial officer Philippe Crouzet told Reuters after a results presentation.

Industrial engineering firm ABB last week announced a crucial $1.2 billion agreement to settle U.S. asbestos liabilities, removing considerable doubt over the survival of the heavily indebted group.

Financial analysts said the deal, while not yet final, removed fears that ABB could go bankrupt.

600450 St-Gobain Rules Out ABB-style Asbestos Payment glassonweb.com

See more news about:

Others also read

Cornwall Group celebrates 25 years of partnership with Saint-Gobain Glass, built on shared values of quality, innovation, and resilience.
Saint-Gobain Glass and Eckersley O’Callaghan unite to drive the market toward low-carbon façades.
With over 50 years of expertise, Unelko’s Invisible Shield PRO 15 is setting new standards in glass protection, earning the trust of major industries and global glass producers.
Maud Thuaudet appointed Group Chief Financial Officer. Sreedhar N. appointed CEO for the Asia-Pacific Region.
New dynamic glass delivers true-to-life views & neutral aesthetics
Maltha Glass Recycling, a leading European recycler and Renewi subsidiary, announces a successful pilot test with Saint-Gobain.

Add new comment

From industry