Hardie 'chewed up' by asbestos hit
The new chief executive of James Hardie Industries has revealed the company's earnings had been "chewed up" by its asbestos liabilities funding scandal, leading to a 30 per cent fall in profits.
Louis Gries released figures showing the company had blown an otherwise handsome improvement in profit by spending tens of millions of dollars trying to dig itself out of the controversy over its failure to provide adequate compensation to asbestos victims.
The announcement in Sydney came as Mr Gries admitted he had been sacked from his only previous job -- at another former asbestos producer -- for reasons he refused to discuss.
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The new chief executive of James Hardie Industries has revealed the company's earnings had been "chewed up" by its asbestos liabilities funding scandal, leading to a 30 per cent fall in profits.
Louis Gries released figures showing the company had blown an otherwise handsome improvement in profit by spending tens of millions of dollars trying to dig itself out of the controversy over its failure to provide adequate compensation to asbestos victims.
The announcement in Sydney came as Mr Gries admitted he had been sacked from his only previous job -- at another former asbestos producer -- for reasons he refused to discuss.
Read More
posted by Mohd Amin at 12:56 PM
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