10 October 2002 12:22 [Source: ICIS news]
LONDON (CNI)--Roche revealed on Thursday that it has set aside additional provisions of SF1.2bn ($806m/Euro821m) to cover liabilities from a vitamin price fixing case.
The Swiss pharmaceuticals group said it is taking the provision “in light of legal developments in the US and other countries” and is making every effort to settle all outstanding litigation as soon as possible. Out-of-court settlements have been concluded this year with a number of customers in the US, it added.
Roche said its vitamins and fine chemicals division, which it is selling to Dutch group DSM, suffered a 5% drop in nine month sales to SF5.37bn.
The sale of the vitamins and fine chemicals division is expected to be completed in the first quarter of 2003. Present and future liabilities arising from the vitamin case will remain with Roche.
Roche was fined Euro525m by the European Commission (EC) last November for its role in a vitamins price fixing cartel. It has already taken a provision of SF760m for the price fixing issues.
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