Hanson doubt on asbestos claims fund
BUILDING materials group Hanson warned that there was only a 50-50 chance of a groundbreaking US proposal for a $140bn (£76.8bn) compensation fund for asbestos victims ever becoming a reality.
Hanson spokesman Nick Swift delivered his verdict on the fund proposal, currently dragging its way through the US Senate, as the company confirmed it still expected asbestos claims against Hanson itself to cost $60 million a year for the next eight years.
In a trading update on the first half of this year, Hanson, headed by chief executive Alan Murray, said it supported Federal reform but 'believes the likelihood of success remains uncertain given the complexities involved and the political nature of the process through the Senate and the House of Representatives'.
The US Bill would limit the exposure of companies to lawsuits. The insurance industry is expected to contribute about $46bn to the $140bn fund.
Hanson expects asbestos claims against it to total about 139,250 at the 30 June half-year stage compared with 135,750 at the end of December.
Separately Hanson said today it had splashed out £100m for four American firms. It has also sold its half share of a Texas ready-mixed concrete business to a subsidiary of Heidelberg Cement.
Operating profits for the first half are expected to be 20% ahead of the first half of last year, when it made £165.6m.
