St-Gobain Rules Out ABB-style Asbestos Payment

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
Date: 7 February 2003
Source: Glass Digest Magazine

See more news about:

See more from these topics:

Others also read

Over the last five years, Sandton (South Africa) has been a magnet for large-scale developments. Designed by Boogertman + Partners Architects, the 85 000 m2 Discovery building is one of them.
Compagnie de Saint-Gobain’s Board of Directors decides to propose the renewal of the Director’s term of office of Mr. Pierre-André de Chalendar and to co-opt Ms. Dominique Leroy, CEO of Proximus, as an independent Director.
Vetrotech supplied over 1'600m2 of Contraflam Lite Structure EW30 solutions.
The glazed walkway at London’s Tower Bridge attraction, which was designed and manufactured by GLASSOLUTIONS, has been voted as winner of MyGlazing.com’s ‘Best window with a view 2017’ competition.
Architects Pelli Clarke Pelli specified the most demanding requirements for a fire-rated glass floor and skylight to date for this project including 2-hour fire rating, blast, and seismic resistance, live loading for foot traffic, and waterproofing.
WICONA, the specialist manufacturer of glazing and glass curtain walling, has worked with specialist contractor GLASSOLUTIONS to deliver the glazing and facades package for One Bedford Avenue, a flagship mixed use development in Central London.

Add new comment