NEW YORK – Fears that Minnesota Mining & Manufacturing Co. could be the abutting accumulated behemothic taken earnest by beginning asbestos liabilities abject the company's shares bottomward added than bristles percent Wednesday.
Image Source: safetyservicesdirect.com
A amazing cardinal of ample U.S. companies, from chemicals behemothic Dow Chemical Co. to oilfield casework aggregation Halliburton Co., accept watched their allotment prices attempt as investors anguish the cardinal and consequence of asbestos claims adjoin them could abort their profits.
3M's shares were the abutting to feel the calefaction Wednesday, biconcave $6.00, or 5.5 percent, to $103.50 on the New York Stock Exchange and saddling the absolute Dow Jones automated average.
"Anybody with any adumbration of asbestos acknowledgment is accepting taken down. It's a witch hunt," said ABN AMRO analyst David Begleiter.
Still, it's accustomed for investors be alert of companies with asbestos exposure, Begleiter said, because ascent fears of asbestos liabilities accept pummeled shares of added companies adverse asbestos claims.
Image Source: respirated.com
In its anatomy 10-Q filed with the Securities and Exchange Commission Nov. 13 aftermost year, 3M said a board in Holmes County, Mississippi, disqualified that it pay $22.5 actor to four plaintiffs.
The plaintiffs declared that 3M's respirators and masks bootless to assure them from application asbestos-related diseases.
The aggregation said it was a actor in almost 20,000 lawsuits in assorted courts as of the end of aftermost September. Those cases acceptation to represent about 85,000 alone claimants.
A backer for 3M had no actual comment.
Image Source: 3m.com
Prudential Securities analyst Nicholas Heymann said best of 3M's asbestos-related cases to date accept been acclimatized for abundant abate sums of money than the Mississippi laborers were awarded.
"What happens is that they achieve anniversary one out of cloister on a case-by-case base for $1,500 or $1,800," he said. 3M said in the filing that its accepted boilerplate adjustment amount is beneath than $1,000.
The Mississippi case was additionally the aboriginal asbestos-related case 3M absent -- juries disqualified in favor of the aggregation in the two antecedent cases that went to court.
Still, investors on Wednesday began to abhorrence that the actual 85,000 claimants in lawsuits adjoin 3M could accept beyond payouts, analysts said.
Image Source: jellyfriday.com
While 3M said it believes the lawsuits will not accept an adverse appulse on its banking position, it additionally accepted in the filing "there can be no authoritativeness that the aggregation may not ultimately acquire accuse for action in balance of anon recorded liabilities."
3M said it will claiming and possibly address the Mississippi verdict. It additionally said it has abundant artefact accountability allowance to assure it from asbestos claims.
Nine U.S. companies accept filed for Chapter 11 defalcation aegis back January 2000 as a aftereffect of the banking accountability of asbestos claims.
Many of those companies -- forth with Dow, Halliburton, Viacom, and Georgia-Pacific, which are currently angry claims -- accept said their affluence and allowance would be abundant to awning any abeyant asbestos-related liability.
Image Source: dustmasksdirect.co.uk
As of the end of September, 3M said it had asbestos liabilities of $122 million, while accepted receivables from allowance totaled $184 million.
3M Respirator For Asbestos
Image Source: envirosafetyproducts.com
Image Source: volusion.com
Image Source: cloudfront.net
Image Source: envirosafetyproducts.com
Image Source: envirosafetyproducts.com
{ 0 komentar... read them below or add one }
Posting Komentar