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Saint-Gobain sees more provisions for asbestos

French building materials firm Saint-Gobain said on 4 September that it could book annual provisions of EUR 100 million for its exposure to asbestos-related risks in 2003 and 2004.
The revelation com…

French building materials firm Saint-Gobain said on 4 September that it could book annual provisions of EUR 100 million for its exposure to asbestos-related risks in 2003 and 2004. The revelation comes after the company revealed in late July that it would book EUR 100 million in pre-tax provisions this year for US litigation risks linked to asbestos. “In 2003 and 2004, if the situation does not change, we will provision for the same amount,” Saint-Gobain chairman Jean-Louis Beffa said at an HSBC-CCF investors conference. “If US legislation changes, the problem for Saint-Gobain would disappear immediately.”

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