Printer Friendly

SANDOZ HOLDS ANNUAL GENERAL MEETING

 BASLE, Switzerland, May 7 /PRNewswire/ -- At today's Annual General Meeting in Basle, Sandoz Ltd shareholders approved all the proposals of the board of directors and agreed to a 34 percent increase in the dividend to Sfr. 47 gross per share and per participation certificate. The meeting was attended by 1,194 shareholders in all, representing 3,899,598 shares or 62 percent of share capital.
 The shareholders elected two new members to the board of directors: Tony R. Reis, chairman of the board and chief executive officer of IBM Switzerland, and Daniel C. Wagniere, president-elect of the Sandoz executive board. Three members of the board of directors - Fred-Henri Firmenich, Dr. Relf W. Schweizer and Dr. Jean Wander - were re-elected for a further term. Shareholders also approved a general revision of the company's articles of association to bring them into line with the new Swiss company law.
 Dr. Marc Moret, chairman of the board of directors and CEO of Sandoz Ltd, was pleased to announce an excellent result for the past financial year. Sales increased by 8 percent (Sfr. 1.1 billion) to Sfr. 14.4 billion. Cash flow and earnings both showed a steep rise, the latter climbing 34 percent to reach a record high of just under Sfr. 1.5 billion. The 1992 financial year was the first time that the Group's accounts were drawn up in accordance with the International Accounting Standards (IAS).
 Dr. Moret stressed that it was vital to secure the success of the company with far-sighted strategies and appropriate organizational structures. In view of this, the decision to create two Core Sectors - Life Sciences (combining the Pharma, Seeds and Nutrition divisions) and Chemicals + Environment (combining the Chemicals, Agro and Construction + Environment division) is "a logical step in ensuring continuity in the structure of corporate management."
 Daniel C. Wagniere, who is due to take over as president of the executive board on July 1, 1993, delivered a paper entitled "Remarks on Challenges and Opportunities Facing Sandoz from a U.S. Perspective." He stressed the importance of entrepreneurial scope, structural flexibility, improved productivity and cost efficiency as key factors for ensuring a company's financial success in an increasingly competitive environment. Mr. Wagniere also emphasized the key role played by innovative and cost-benefit ratios in both the healthcare and the environmental sectors.
 -0- 5/7/93
 /CONTACT: James R. Simpson of Sandoz Ltd., 212-830-2444/


CO: Sandoz Ltd. ST: IN: MTC SU:

LR-KW -- NY045 -- 5975 05/07/93 13:01 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 7, 1993
Words:412
Previous Article:SECURITIES INDUSTRY CAPITAL-RAISING EFFORTS CONTINUING 'IMPRESSIVE 1992' PACE IN FIRST QUARTER, SIA CHAIRMAN TELLS DISTRICT MEETING
Next Article:TSS LTD. ANNOUNCES OFFERING OF UNITS
Topics:


Related Articles
SANDOZ ESTABLISHES SPONSORED ADR PROGRAM
SANDOZ PHARMACEUTICALS SETTLES LITIGATION
STATES SETTLE ANTITRUST SUIT AGAINST SANDOZ DRUG COMPANY TO PAY $16.5 MILLION IN DAMAGES AND COSTS
SANDOZ PHARMACEUTICALS SETTLES LITIGATION
AS COSTLY NEW MIGRAINE DRUG HITS THE U.S. MARKET, CLINICAL INTEREST IS SURGING IN A LESS EXPENSIVE 50-YEAR OLD THERAPY
SANDOZ LTD. ANNOUNCES EARNINGS
PHARMACEUTICAL EXECUTIVE MAX LINK ELECTED DIRECTOR OF PROTEIN DESIGN LABS
SANDOZ COMMITS TO COOPERATING WITH NIH TO RESOLVE CONCERNS OVER COLLABORATIVE RESEARCH
SANDOZ HIGHLIGHTS ITS 1993 RESULTS AND ANNOUNCES 1994 FIRST QUARTER SALES
Geneva Pharmaceuticals, Inc., Renamed Sandoz, Inc. - New Name Symbolizes Global Strength -.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters