Best Of The Best Share Discussion Threads

[ariane] 13/5/2004 12:04

(Adds more on outlook, litigation background)
LONDON (AFX) - Industrial gases giant BOC Group PLC posted a 28 pct rise in
its second-quarter adjusted profit helped by a strong recovery underway in the
US economy.
"Both our global gases businesses performed well and the recovery at BOC
Edwards accelerated with second-quarter operating profit nearly double that of
the first quarter and an increased rate of order intake," said chief executive
Tony Isaac.
Improving order intake mainly from semiconductor but also flat panel display
manufacturers lay behind a strong performance at BOC Edwards.
Pretax profit, excluding exceptional items, climbed to 118.2 mln stg for the
three months to March 31 from 95.9 mln for the same year-earlier period.
The headline figure was slightly above consensus forecast of 115.5 mln stg,
according to an AFX News poll of brokers.
For the six months to March 31, the adjusted pretax profit rose to 234.9 mln
from 191.3 mln on turnover up 8 pct at 2.253 bln stg.
BOC gave a positive outlook, saying that its Industrial and Special Products
(ISP) business is benefiting from an upturn in key economies.
The ISP division will see improved profit following the sale of the packaged
gas business in the US, it added.
In the Process Gas Solutions arm, investment activity is now picking up and
the improved order intake from the semi-conductor industry should drive profit
growth at BOC Edwards in the coming months, said the company.
"In these improved economic conditions, business efficiency programmes,
increased plant reliability and productivity, and firm pricing will also
underpin profit performance across the group," added BOC Group.
The company said there are "strong grounds" for a "successful appeal" in a
recent verdict against the company in a Philadelphia court.
In the case of Yencho versus Azrock the plaintiff alleged that his injury
was caused by exposure to asbestos.
As of end-March, BOC's US subsidiary was named in 221 cases containing
claims by about 8,525 plaintiffs, who claimed neurological injury through
exposure to manganese in fumes from the rod supplied by BOC.
tf/jc

[waldron] 27/4/2004 18:09

RNS Number:0681Y
Compagnie de Saint-Gobain
27 April 2004

April 27, 2004
press release


FIRST QUARTER 2004 SALES:

UP 5.1% ON A LIKE-FOR-LIKE BASIS


Consolidated sales of the Saint-Gobain Group for the first quarter of 2004
amounted to Euro7,233 million, compared with Euro6,986 million for the same period in
2003, representing an increase of 3.5% on an actual structure basis, and 1.3%
based on a comparable structure. At constant exchange rates(*), sales were up
7.4% on an actual structure basis and 5.1% based on a comparable structure. This
increase was achieved thanks to a significant 5.1% rise in sales volumes in most
of the Group's geographic areas, while sales prices held firm.



This performance demonstrates Saint-Gobain's ability to reap the benefits of the
economic recovery currently taking hold, particularly in industrial production
and capital spending.

(*) based on average exchange rates for the first quarter of 2003.


Sales trends by sector, division and geographic area are as follows:




Q1 2004 Q1 2003 Change on an Change on a Change on a
sales sales actual comparable comparable
structure structure basis structure and
basis currency basis
(in Euro millions)(in Euro millions) (in Euro)

BY SECTOR AND DIVISION

GLASS (1) 2,764 2,777 -0.5% -1.2% +3.3%
Flat Glass 1,079 1,069 +0.9% +0.2% +2.8%
Insulation & Reinforcements 772 774 -0.3% -1.4% +4.3%
Containers 916 936 -2.1% -2.6% +3.0%

HIGH-PERFORMANCE MATERIALS (1) 845 835 +1.2% -1.4% +6.8%
Ceramics & Plastics and Abrasives 845 835 +1.2% -1.4% +6.8%

HOUSING PRODUCTS (1) 3,711 3,448 +7.6% +4.3% +6.5%
Building Materials 562 671 -16.2% -2.8% +6.8%
Building Materials Distribution 2,846 2,486 +14.5% +6.8% +7.5%
Pipe 358 358 0.0% -0.8% -0.1%

INTERNAL SALES (108) (74) ------ ------ -----

GROUP TOTAL 7,233 6,986 +3.5% +1.3% +5.1%






BY GEOGRAPHIC AREA

France 2,601 2,401 +8.3% +5.1% +5.1%
Other Western European countries 2,936 2,827 +3.9% +1.8% +2.4%
North America 1,332 1,452 -8.3% -7.4% +7.6%
Emerging countries and the Asia-Pacific 763 655 +16.6% +9.9% +16.3%
region

INTERNAL SALES (398) (348) ----- ----- -----

GROUP TOTAL 7,233 6,986 +3.5% +1.3% +5.1%



(1) Including inter-division eliminations.



Except for the Pipe Division, whose figures were on a par with the prior year,
sales growth was reported across the board in the first quarter of 2004.
Particularly strong performances were achieved by the Group's new businesses
(Building Materials Distribution, Ceramics & Plastics and Abrasives), which are
the main growth drivers, as anticipated at the beginning of the year.



The Glass Sector posted moderate like-for-like sales growth. Business was brisk
for Insulation, Containers and Flat Glass for the automotive industry, in their
principal markets. However, Flat Glass for the European construction industry
and Reinforcements were once again hit by downward pressure on sales prices,
despite a significant upturn in sales volumes.



High-Performance Materials reported the Group's strongest like-for-like growth
(+6.8%). The recovery in the manufacturing industry and capital spending which
began at the end of 2003 in the United States, continued during the first
quarter of the year and picked up pace. Based on the Sector's current order
books this favorable trend should be sustained.



The Housing Products Sector also achieved very strong sales. Building Materials
continued to benefit from the buoyant residential construction market in the
United States, while the Building Materials Distribution Division recorded the
Group's highest organic growth rate (+7.5%), thanks to a significant increase in
sales volumes for all of its brands, including in Germany. Pipe was the only
Division where like-for-like sales did not increase, reflecting the completion
at the end of March of deliveries under the Abu Dhabi contract.



By geographic area, strong like-for-like growth was achieved in France and the
United States. A moderate upturn was felt in other Western European countries,
with a slight recovery observed in Germany. Markets remained extremely buoyant
in emerging countries - particularly in Asia and Eastern Europe - and the Group
achieved double digit growth in these regions.



Asbestos claims in the United States: some 5,000 new claims were filed against
Certain Teed during first-quarter 2004, including 700 in the State of
Mississippi, representing 4 four times less than the number of new claims in the
same period of 2003 (22,000, including 8,000 in Mississippi). At the same time,
5,000 claims were resolved during the period. Therefore, at March 31, 2004 some
108,000 claims were outstanding, unchanged from the December 31, 2003 figure.

The average cost of claims settled over the last twelve months was US$ 2,500 per
claim, up, as expected, on the 2003 average figure of US$ 2,100.



In addition, the Republican leadership of the United States Senate recently
attempted to move forward a debate on proposed legislation to create a national
asbestos trust fund. As expected in the current political climate, on April 22,
2004, the 60 votes required to proceed were not obtained. A mediation process
has been launched at the request of the Senate's Republican and Democrat
leaders, in an attempt to seek an agreement among the various parties involved,
particularly relating to the size of the fund.



Outlook



In the first quarter of 2004, the Group posted satisfactory sales growth despite
the negative impact of currency effects.

For the full year, Saint-Gobain confirms its objective of achieving further
growth - of 4% to 5% - in operating income at constant exchange rates, and of
maintaining strong free cash flow levels.





Next results announcement:



- First-half 2004 results: July 29, 2004, after close of trading on the
Paris Bourse.




Investor Relations Department



Mrs Florence TRIOU-TEIXEIRA Tel. : [phone]
Mr. Alexandre ETUY Tel. : [phone]
Fax : [phone]




This information is provided by RNS
The company news service from the London Stock Exchange
END

QRFPUURWCUPCGMM

[maywillow] 20/4/2004 09:23

LONDON (AFX) - Ofex-traded health and safety consultancy PHSC PLC said it
won a contract worth 65,000 stg to carry out asbestos surveys across over 130
branches and offices of Enterprise Rent-A-Car UK Ltd in England and Wales.
[e-mail]
ak/

[maywillow] 07/4/2004 11:46

ZURICH (AFX) - ABB Ltd said the third Circuit Court of Appeals in
Pennsylvania has set the new date for its final asbestos hearing for June 3,
2004.
The new date has no material impact on procedures or the company's position,
a spokesmanfor the company said.
ABB remains confident that a favourable ruling will be obtained, the
spokesman said.
[e-mail]
jb/ra/at/wf

[waldron] 31/3/2004 15:23

USA: Even asbestos epidemic figures are 'kind of low'
A top US occupational health expert has indicated that shocking figures that earlier this month revealed a massive US asbestos disease epidemic, may in fact be under-estimating the true extent of the problem. The Environmental Working Group’s analysis of US federal mortality records has found that 10,000 Americans die each year from asbestos exposure and projects that up to 10 times that many will die in the next decade ( Risks 146 ). However, Dr Michael Lax, an asbestos expert and director of the occupational health clinic at New York State’s University Hospital in Syracuse, found the study's totals 'kind of low,' noting that previous studies have projected higher mortality rates. 'Think of how asbestos was used for years in thousands of products,' he said. 'The numbers of people exposed is in the tens of millions. The potential for illness is tremendous.'


Newsday. Find out more on the global asbestos disaster and in international campaign to ban asbestos.






Global: Fight to ban asbestos hots upThe latest round in the battle to ban asbestos, the world’s worst ever industrial killer, is underway. In November 2003, a manoeuvre led by the Canadian government and backed by asbestos industry bodies succeeded in blocking the addition of chrysotile (white) asbestos to the list of substances covered by the Rotterdam Treaty’s Prior Informed Consent procedure (Risks 133). Both pro- and anti-asbestos campaigners knew global trade in the industrial killer - particularly exports to the developing world - could have been severely curtailed had the listing been successful. The issue is due to be discussed again at the follow-up meeting, scheduled to be held in Geneva in September 2004. The Canadian government has already started its preparations for the meeting with a series of public consultations. Health campaigners from the International Ban Asbestos Secretariat (IBAS) fear Canada may be intent on once more blocking the addition of asbestos to the PIC list. TUC safety officer Tom Mellish said: 'TUC will be talking with our international union partners and official bodies to ensure the asbestos lobby doesn’t block this urgent public and workplace health measure.'


Hazards news alert and special asbestos feature. Lies + subterfuge = Canada’s asbestos policy - IBAS briefing.




International Ban Asbestos Secretariat.

[maywillow] 25/3/2004 06:38

Asbestos suits against Ford rise by 16,500
By James Mackintosh in London
Published: March 25 2004 4:00 | Last Updated: March 25 2004 4:00

The number of asbestos-related lawsuits against Ford, the US car maker, rose by two-thirds last year as healthy mechanics, assembly line workers and even sailors attempted to cash in on fears of possible future illness.


Ford, one of the largest companies to reveal the number of legal cases against it, said in a regulatory filing that defending the ballooning number of claims could begin to have a significant impact on its earnings.

The total number of claims against it hit 41,500 at the end of December, up from 25,000 at the start of last year. The previous year they increased by 9 per cent.

The rise in claims against Ford is an indication of how businesses once seen as peripheral to the asbestos crisis are being hit. The collapse of the main companies involved has forced claimants to look for new targets.

[grupo guitarlumber] 22/3/2004 06:39

source:Business.telegraph

Rise in asbestos claims threatens insurers
By Yvette Essen (Filed: 22/03/2004)


UK insurers are facing increasing numbers of asbestos claims as solicitors use US-style "scan vans" to find new cases, industry experts have warned.



The vans, which contain x-ray screening equipment and are parked outside community centres and shopping centres, have previously been used by law firms in the US but have started to appear in the UK. Members of the public who may have been exposed to asbestos are being offered scans and if signs of scars appear on the lungs, solicitors offer to take up their case.

Darren Michaels, a consultant at actuarial consultants Tillinghast-Towers Perrin, which advises insurance companies on their asbestos liabilities, said: "These vans are starting to appear in parts of the country where there has been large-scale exposure to asbestos at work, like shipyards."

Mr Michaels, who is also a member of the Institute of Actuaries Working Party on UK Asbestos, said the solicitors are using the vans to look for pleural plaques. Pleural plaques are a form of scarring on the lungs but are the least serious form of damage caused by asbestos.

"This is a cause for concern and insurers must be watching and be alert," said Mr Michaels. "It is going to lead to more people being identified with pleural plaques because people do not necessarily know they have it unless they have the scan."

FreeClaim IDC, which provides people with litigation funding packages and legal expenses insurance, works with a company using scan vans. Managing director David Towler said the vans will lead to more compensation claims but also benefit members of the public who are not diagnosed with asbestos-related problems.

"The scans can be a health preventative measure," he explained. "Treatment physicians and doctors say it can be a very good way to capture health information to enable early intervention, which may in some cases not be related to any asbestos disease at all."

Lex Dowie, a partner at Eversheds in Newcastle-upon-Tyne, said the average amount paid out for pleural plaque is £12,000. He said half the amount of money Eversheds' clients pay out for asbestos claims is related to pleural plaque. Post Magazine put the figure at £2,500 to £7,500 per pleural plaque claim, but said people can return to court should a more serious condition develop.

Horizon Portfolio Management, which manages UK employers' liability claims on behalf of clients' discontinued businesses, said the appearance of scan vans is already resulting in more compensation payouts.

Senior account manager Stewart Gunn said: "We are aware that similar exercises have been conducted along the South Coast during 2004, and have received claims from this source which might not otherwise have been made. The level of such claims, and legal costs associated with them, is becoming a cause of concern to insurers and employers alike."

The Association of Run-Off Companies also expressed concern that the US trend of using scan vans has begun to surface in the UK. Secretary Leslie-Ann Giovnilli said: "European reinsurers do not have the choice of moving into Chapter 11 and any large increase in asbestos reserves could well see a number of companies joining the ranks of insolvent companies."

[maywillow] 06/2/2004 16:41

sounds too bad to be true

[maywillow] 29/1/2004 13:08

halliburton

[waldron] 29/1/2004 07:09

SAN FRANCISCO (AFX) -- Halliburton said it reached a $575 million agreement
with reinsurer Equitas to settle asbestos-related insurance claims against
Lloyd's of London underwriters. The agreement resolves all claims against the
underwriters by Halliburton and its bankrupt subsidiaries, including DII
Industries, and Kellogg Brown & Root among others. Equitas agreed to the
payments on final confirmation of the reorganization of DII Industries and the
other bankrupt affiliates.

[waldron] 23/12/2003 07:24

LONDON (AFX) - Final approval of ABB Ltd's much-anticipated 1.2 bln usd
asbestos settlement could be delayed until June next year, the Wall Street
Journal reported, citing chief executive officer Juergen Dormann.
Dormann said a few more months delay won't make much of a difference,
considering ABB's asbestos problems date back to 1989. ABB said the recent
delays were due to scheduling and it remains confident of a ruling in its favor.
More than 95 pct of plaintiffs have accepted the 1.2 bln usd settlement, it
said.
"It (the asbestos issue) will be solved in the second half of this year. The
perception in the capital markets is that it's done," Dormann said in an
interview Friday in ABB's headquarters in Zurich.
Separately, Dormann said a deal to sell the oil exploration activities of
ABB's oil, gas and petrochemicals unit is likely to be signed in the first
quarter. ABB is in talks to sell that part of the business to a consortium that
includes British buyout specialist Candover Investments PLC, venture-capital
firm 3i Group PLC and the private-equity arm of US investment bank JP Morgan
Chase & Co. Analysts value the deal at about 975 mln usd.
jlw

[maywillow] 20/12/2003 18:26

Brixton Tube

[annasavio] 07/12/2003 22:12

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[waldron] 07/12/2003 19:26

Brixton Tube

[maywillow] 17/11/2003 10:47

ZURICH (AFX) - The Pennsylvania-based Third Circuit Court of Appeals has
postponed ABB Ltd's scheduled asbestos hearing to January 12 from December 16,
an ABB spokesman said.
The delay of the hearing with regard to ABB's proposed 1.2 bln usd asbestos
compensation package is due to administrative reasons, he said.
Both ABB and the claimants will be present on January 12, he said.
The 13 claimant group who have lodged appeals to the court have already
announced they will appeal the third circuit court's ruling to the US Supreme
Court if it is in ABB's favour.
At 10.42 am ABB was 0.18 sfr or 2.2 pct lower at 8.05, while the SMI fell
79.1 points to 5,290.7.
[e-mail]
de/wf

[ariane] 15/11/2003 11:36

Health: Asbestos Test.

[waldron] 07/11/2003 06:10

Able might take a Kaneing

[waldron] 29/10/2003 06:20

FRANKFURT (AFX) - Standard & Poor's Ratings Services said it revised its
outlook on ABB Ltd to positive from negative, following the group's announcement
that it has obtained underwriting commitments for an equity rights issue of 2.5
bln usd from a number of banks.
At the same time, S&P affirmed its 'BB+/B' corporate credit and 'BB-' senior
unsecured debt ratings on ABB.
In addition to the equity rights issue, which is expected to be finalized by
mid-December 2003, ABB announced it has secured commitments from a syndicate of
banks to provide a new 1 bln usd revolving standby credit facility with a tenor
of three years.
The new facility will become available to ABB upon completion of the rights
issue and will replace the existing short-term 1.5 bln usd revolving credit
facility.
The new facility will be provided on an unsecured basis if ABB manages to
receive combined minimum gross proceeds of 3 bln usd from the equity rights
issue, a complementary long-term bond issue, and/or asset disposals.
To that end, ABB said it will also seek to issue a new bond of up to 650 mln
eur over the next few weeks.
"The proposed financing and recapitalization measures will solve ABB's
liquidity problems as they will cover several years of debt maturities," said
S&P credit analyst Ralf Kortuem.
"In addition, the large rights issue will reduce the group's high financial
leverage. Nevertheless, the group's cash flow protection measures still require
significant improvements and further deleveraging is needed before a ratings
upgrade will be considered."
"The positive outlook reflects the expectation that management has initiated
the right steps to adequately strengthen the group's cash flow generation,"
added Kortuem.
The positive outlook also reflects reduced event risk from asbestos-related
litigation, as the group will no longer need to access the debt capital market
for new funding as long as uncertainties over the final outcome of the asbestos
settlement persist.
Although appeals against the favorable ruling by the US District Court have
been filed, no major setbacks to the process are currently expected.
jsa/rf/