St-Gobain Rules Out ABB-style Asbestos Payment

Date: 7 February 2003
Source: Glass Digest Magazine

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.
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