|Bid||36.96 x 50000|
|Ask||37.24 x 50000|
|Day's Range||36.66 - 37.46|
|52 Week Range||32.48 - 50.95|
|Beta (5Y Monthly)||1.48|
|PE Ratio (TTM)||8.65|
|Forward Dividend & Yield||2.15 (6.04%)|
|1y Target Est||N/A|
(Bloomberg) -- Imerys SA is exploring options for its North American talc operations, which filed for bankruptcy after being drawn into cancer lawsuits connected to Johnson & Johnson’s baby powder, people with knowledge of the matter said.The company is considering strategic alternatives that could include a sale of the businesses, said the people, who asked not to be identified discussing the private matter. Paris-based Imerys’ U.S. unit, Imerys Talc America, plans to work with advisers at PJT Partners Inc., though a formal mandate will require court approval, the people said.Three North American units of Imerys filed for Chapter 11 protection from their creditors in February, citing more than 14,000 claims in U.S. courts brought mostly by women who allege the company’s talc caused their ovarian cancer. Others say they have mesothelioma brought on by asbestos in the talc.The businesses generated about $174 million of combined revenue in 2018, according to a court filing. Deliberations are at an early stage, and no final decisions have been made, the people said. A representative for Imerys declined to comment, while a representative for PJT didn’t respond to requests for comment.Settlement CostsProceeds from any sale could provide funds for settling lawsuits. When the North American talc business filed for bankruptcy, Alexandra Picard, who was chief financial officer at the time, said the goal was to set up a trust to handle cancer and asbestos lawsuits filed against Imerys Talc.To set up and fund the trust, Imerys Talc planned to negotiate with its creditors, including those with medical claims, and insurers. So far, the company has not sought permission to sell itself at a court-supervised auction, according to court documents.Under Chapter 11 of the U.S. Bankruptcy Code, cases can be corralled under a single judge and Imerys can pressure plaintiffs to accept lower settlements. Other companies, such as specialty chemical maker W.R. Grace & Co., have used similar filings to shield themselves from billions of dollars in lawsuit liabilities. W.R. Grace spent almost 11 years in bankruptcy before setting up a trust to pay victims of asbestos exposure.After Imerys filed bankruptcy, J&J tried unsuccessfully to have lawsuits against it halted, arguing that those cases should also be halted while Imerys reorganized and set up a victim’s trust. Imerys will need to persuade buyers that its industrial-talc business is attractive enough to eclipse potential liabilities linked to J&J products. Talc is also used in cosmetics, plastics, ceramics, paper and coatings, and the $1.1 billion industrial market is growing at 7% a year, according to U.K. supplier Elementis Plc. It’s used to reinforce plastics molded into lightweight car parts, a $600 million market, according to a November presentation by Elementis.(Updates with Johnson & Johnson attempt to halt lawsuits in eighth paragraph.)To contact the reporters on this story: Andrew Noël in London at firstname.lastname@example.org;Myriam Balezou in London at email@example.com;Steven Church in Wilmington, Delaware at firstname.lastname@example.orgTo contact the editors responsible for this story: Anthony Palazzo at email@example.com, ;Dinesh Nair at firstname.lastname@example.org, Dawn McCarty, Rick GreenFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
For many investors, the main point of stock picking is to generate higher returns than the overall market. But the...
J&J shares fell more than 6% to close at $127.70. The move marks the first time the company has recalled its iconic baby powder for possible asbestos contamination, and the first time U.S. regulators have announced a finding of asbestos in the product. Asbestos is a known carcinogen that has been linked to deadly mesothelioma.
If you want to know who really controls Imerys S.A. (EPA:NK), then you'll have to look at the makeup of its share...
When Iliad entered the French market with its low-cost offering, it prompted the crippling price wars which are now weighing on all those firms’ profits. A reversal of that trend could help offset the pain of lost customers. It seems likely that those funds will be used to boost the company’s presence in Italy, where growth is faster than in France.
PARIS (Reuters) - Shares in French telecoms group Iliad fell on Tuesday, as concerns over its weak results overshadowed possible plans to sell part of Iliad's mobile assets. Iliad shares were down 3.7 ...
Imerys Talc America, the U.S. unit of French group Imerys SA, said it filed for bankruptcy because it lacks the financial clout to defend against nearly 15,000 lawsuits over its talc mineral product, which is also used in cosmetics. Imerys said that while it continued to believe the lawsuits are without merit, the prospect of rising settlement and defense costs over the next few years prompted the decision to file for bankruptcy. In July, a Missouri jury ordered J&J to pay a record $4.69 billion (3.65 billion pounds) to 22 women who said asbestos in talc caused ovarian cancer.
Imerys Talc America Inc, a supplier to healthcare conglomerate Johnson and Johnson Inc , said in a statement on Wednesday it was filing for Chapter 11 bankruptcy protection along with two subsidiaries. ...
The Missouri Supreme Court on Thursday halted an upcoming trial in a case brought by women who claim talc supplied by Imerys Talc America for use in Johnson & Johnson products gave them cancer, saying it wanted to consider a jurisdictional challenge by Imerys. It is the second major talc case the Missouri high court has stayed in recent weeks on jurisdictional grounds. Both were in the St. Louis' 22nd Circuit Court, which has issued several large verdicts against J&J and Imerys, including one for $4.7 billion in July.
The lawsuit brought by Terry Leavitt in Alameda Superior Court in Oakland is the first of over a dozen J&J talc cases scheduled for trial in 2019. The company is facing some 11,700 lawsuits over the safety of talc in its products. Leavitt's lawyer, Joseph Satterley, accused J&J in his opening statement of knowingly selling a dangerous product, according to an online broadcast by Courtroom View Network.