Here is one of John's favorite's latest news:
Rhone-Poulenc Issues Statement About CE
PARIS, Sept. 15 /PRNewswire/ -- Following the significant decline in its share price today and questions received regarding its
joint-venture Centeon, Rhone-Poulenc S.A. (NYSE: RP - news) wishes to clarify the following points:
1. Centeon has been operating under a consent decree with the US Food and Drug Administration (FDA) since January 1997 and has undertaken a recovery plan for its US facility at Kankakee (Illinois) which requires periodic production shutdowns. Despite the significant
progress made by Centeon, the FDA, following a recent inspection which took place under the consent decree, has requested additional improvements. To introduce them rapidly and correctly, Centeon decided to suspend manufacturing at Kankakee for a limited period of
time. The facility should recommence production in the coming weeks.
2. Centeon is also continuing its discussions with the FDA on
corrective actions and avoidance of a market shortage of its products which are medically necessary.
3. Centeon's three other manufacturing facilities in Germany, Austria and Spain, which account for more than 60 percent of its production capacity, are fully operational.
4. Taking into account the positive evolution of its businesses, and pharmaceuticals in particular, Rhone-Poulenc today considers that
the situation with Centeon should not have a very significant impact
on its expected earnings growth in 1998.
Rhone-Poulenc S.A. is a leading life sciences company, growing through innovations in human, plant and animal health and through its specialty chemicals subsidiary, Rhodia. With sales in 1997 of FF90 billion (US$15 billion), the company employs 68,000 people in 160 countries worldwide.
Note: This press release was issued earlier today in France by Rhone- Poulenc S.A. (NYSE: RP - news). |
