Hoechst reduces profit expectations
Article Abstract:
Hoechst AG, a chemical firm based in Germany, is expected to report lower operating profits by 22% to around 2.8 million marks ($1.71 billion) in 1998 from 3.6 billion marks in 1997 due to the shut down of its blood plasma plant in the US, write-offs from its pharmaceutical units in Latin America and Russia, and low demand in Asia. Hoechst, which expects losses to range from $400 million to $500 million, however, said that analysts' projection of a decline to 2.96 marks per share in 1998 was overblown prompting a lower forecast of about 2.55 marks per share. The shut down was ordered by the US Food and Drug Administration based on the facility's noncompliance of the new safety measures.
Comment:
Is expected to report lower operating profits by 22% to around DM2.8 mil in 1998 from DM3.6 bil in 1997
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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Degussa shares drop 4.2% on filing of Holocaust suit
Article Abstract:
Degussa AG, a chemical and metals conglomerate, saw its stocks dropped by 4.2% on Aug. 24, 1998, after it was named in a lawsuit filed in New Jersey over its role during the Nazi regime. The company is specifically linked in the suit filed by four survivors of the Holocaust on its role for producing Zyklon B, the fatal gas used in death camps, and for melting down the gold extracted from Jewish prisoners. The plaintiffs want restitution equal to the entire value of the firm, which has a market capitalization of around 10 billion marks.
Comment:
Sees its stocks drop by 4.2% on 8/24/98, after it is named in a lawsuit filed in New Jersey over its role during the Na
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
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