Saint-Gobain sent ripples through the European construction sector with its unexpected announcement that it had taken a charge to cover asbestos litigation risk.
The French building materials group s…
Saint-Gobain sent ripples through the European construction sector with its unexpected announcement that it had taken a charge to cover asbestos litigation risk. The French building materials group said it had booked EUR 50 million in provisions in the first half for US litigation risks linked to asbestos. Another EUR 50 million in provisions is expected for the second half of the year. Saint-Gobain“s broad spread of industrial businesses means the group is often regarded as a bellwether for the European economy. The group said the accelerated falls in financial markets had introduced uncertainty about consumer confidence and household consumption.