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SGS improves performance despite internal strife

SGS headquarters in Geneva has been the scene of bitter boardroom power struggles

(Keystone Archive)

The world's largest goods inspection group, Société Générale de Surveillance, has reported higher net profit for 2000 despite boardroom battles and differences with its shareholders.

Net profits for last year increased more than 13 per cent to SFr128.7 million ($75 million). The figures were in line with analysts' expectations.

The company said it expected still higher earnings for the current year thanks to the benefits of a restructuring programme and the development of new products.

SGS hit the headlines recently over a boardroom quarrel between the company chairman, Max Amstutz, and board member, Elisabeth Salina Amorini. Salina Amorini is expected to lose her position on the board at the company's annual general meeting.

The board has also faced difficulties in persuading shareholders to accept a simplification of the firm's financial structure. Talks now appear to have overcome obstacles to giving the company a single share structure.

swissinfo with agencies


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