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Job losses loom as ABB plunges into red

This content was published on Oct 24, 2002 The Swiss-Swedish group is battling to cut a $5.5 billion (SFr8.3 billion) debt mountain, amid ongoing fears of huge asbestos liabilities in the US. Delivering its third-quarter results on Thursday, ABB said earnings before interest and taxes (EBIT) fell 44 per cent to $405 million for the first nine months of 2002. ABB hopes to…

“A jewel of Swiss industry”

This content was published on Oct 24, 2002 The pensioner, who has managed BBC’s archives for the last 12 years, takes a critical look at the last decade and a half. “The merger with Asea in 1988 was supposed to give BBC all the benefits of modern management practices,” said Lang. “A lot of hopes were pinned on the mix of technical know-how…

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Nestlé growth slower than expected

This content was published on Oct 24, 2002 Management pointed to the poor economic environment as a key factor behind the lower than expected growth. Nestlé said on Thursday that the key real internal growth (RIG) figure for the January to September period had dropped to 3.4 per cent, despite increased sales of SFr66.2 billion ($43.92 billion). RIG was down from 3.5 per…

ABB unveils new cost cuts amid plunge into red

This content was published on Oct 24, 2002 The company is to sell off its oil, gas and petrochemicals division and to restructure its core businesses in a bid to restore profitability. ABB said earnings before interest and taxes (EBIT) fell 44 per cent to $405 million for the first nine months. The third quarter was particularly bad – net income plunged 64…

ABB unveils new cost cuts amid plunge into red

This content was published on Oct 24, 2002 The firm reported a net loss of $82 million for the first nine months and said it planned to save an additional $800 million by merging some of its core businesses. In a conference call with journalists on Thursday morning, chairman and CEO, Jörgen Dormann, said the group would likely sell of its oil, gas…

Ivory Coast conflict threatens cocoa supplies

This content was published on Oct 23, 2002 The fighting is threatening the cocoa harvest and disrupting supplies, causing price fluctuations and unsettling the market. Although a ceasefire agreement between the government and rebels appears to be holding, analysts say peace is still far from assured. “It’s a serious concern if you think that cocoa is the main raw material for our industry,”…

Expo.02 – let’s do it again

This content was published on Oct 23, 2002 A new survey released on Wednesday reveals that a majority of Swiss would like to stage another national exhibition in the future. Of the 2002 people surveyed, 79 per cent said they thought it would be a good idea to hold another Expo 25 to 30 years from now. Expo.02, which ended on Sunday, sold…

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Lek shareholders accept Novartis takeover

This content was published on Oct 23, 2002 The announcement came a few days after Novartis raised its bid price by ten per cent. Last September, Lek shareholders turned down a previous cash offer from the Basel-based company of 95,000 Slovenian tolars ($406) per share, arguing that the asking price was too low. Novartis made a renewed bid worth $860 million, or $446…

Serono improves bottom line as Adecco profits fall

This content was published on Oct 23, 2002 But the Swiss employment services company, Adecco, blamed the economic environment for a fall in profits. Serono’s improved results come off the back of a 46 per cent rise in sales of its multiple sclerosis drug, Rebif, which totalled $139.4 million. Total sales for the company were $349.3 million, up 18 per cent on the…

ABB’s future in doubt amid profit and asbestos fears

This content was published on Oct 23, 2002 Nervous investors – fearful that the Swiss-Swedish engineering giant faces collapse – slashed the group’s share price on Tuesday more than 60 per cent to SFr2.05 ($1.36). The collapse in the company’s share price continued on Wednesday, as ABB’s chief executive, Jürgen Dormann, attempted to calm investors by denying that the embattled group was threatened…

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Job losses loom as ABB plunges into red

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“A jewel of Swiss industry”

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Nestlé growth slower than expected

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ABB unveils new cost cuts amid plunge into red

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ABB unveils new cost cuts amid plunge into red

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Ivory Coast conflict threatens cocoa supplies

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Expo.02 – let’s do it again

More

Lek shareholders accept Novartis takeover

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Serono improves bottom line as Adecco profits fall

More

ABB’s future in doubt amid profit and asbestos fears

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