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

Glass Digest Magazine

2003-02-07T12:00:00

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

See more news about:

Saint-Gobain Glass

WhatsApp LINKEDIN FACEBOOK X PRINT MORE

Others also read

MORE...

Saint-Gobain Reappoints Benoit Bazin as Chairman and CEO

Compagnie de Saint-Gobain today held its Shareholders’ Meeting, at the close of which it also held a Board of Directors’ meeting, in the composition resulting from the Shareholders’ Meeting.

Saint-Gobain Glass and VEKA Recycling Partner for UK Post-Consumer Glass Recovery

Saint-Gobain Glass and VEKA Recycling have joined forces in a pioneering partnership to transform post-consumer glass recycling in the UK fenestration industry.

Cornwall Group celebrates 25-years of partnership with Saint-Gobain Glass

Cornwall Group celebrates 25 years of partnership with Saint-Gobain Glass, built on shared values of quality, innovation, and resilience.

Driving a circular economy of glass: a strategic collaboration between Saint-Gobain Glass and Eckersley O’Callaghan

Saint-Gobain Glass and Eckersley O’Callaghan unite to drive the market toward low-carbon façades.

Saint-Gobain’s Automotive Division, Sekurit in France & Unelko Work Together

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.