Battered giant forced to change its ways; Hanson's sale of its stake in ICI opens a new chapter
Article Abstract:
In May 1992 Hanson sold its stake in ICI and on May 14 1992 is expected to announce a fall in interim profits to about 490 million pounds sterling before tax. Three new non-executive directors have been appointed. David Clarke succeeds Lord White in the US and Derek Bonham becomes chief executive officer. Hanson demonstrated its line management and the quality of its operating businesses at a London meeting of analysts and investors on Feb 14 1992 to inform shareholders. Mature, cyclical businesses are its preference so the next major acquisition will probably be in the US. European acquisitions are in a different style to expand the geographic scope of its operations.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1992
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Glaxo invests in '1bn pounds sterling hot-house' to foster discovery
Article Abstract:
Glaxo, the second largest pharmaceutical company in the world, is building a research centre costing 500 million pounds sterling and covering 1.5 million square foot in Stevenage. It is due for completion in 1994, housing 1,400 staff. Between 1990-1992 Glaxo has opened or extended sites in Japan, Italy, France, Spain and the US. Researching compounds and developing drugs is essential to the company so it provides the best facilities to attract the best staff. In 1991 research and development expenditure was 475 million pounds sterling.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1992
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Venturing a change to an inexact science
Article Abstract:
Many venture capital investment trusts have made huge losses since the end of the 90s. Causes have been the recession, the dependence of small companies on a small number of investors and high interest rates. The British Venture Capital Association introduced new guidelines on valuations in 1991. It recommends that investments should be valued at cost less a provision if appropriate. Smaller companies with a value below 5 million pounds sterling are valued on a basis comparable to larger companies less a 30% discount.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1992
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