CRH PLC
30 September 2002
N E W S R E L E A S E
September 30, 2002
CRH STATEMENT ON PENDING LITIGATION
As part of its ongoing review procedures, senior Group management has recently
learned that certain of its operating companies have been named in asbestos
litigation. CRH does not believe that this litigation will have a material
impact on the financial position of the Group.
Companies in CRH's distribution group in the United States have been named,
together with a large number of other unrelated parties, in 244 pending cases
involving a total of 251 claimants. These cases allege personal injury as a
result of exposure to asbestos in products manufactured by others and allegedly
distributed by companies in the distribution group prior to ownership by CRH. To
date, the companies have disposed of 33 cases for an aggregate amount of
$80,300. A very small number of cases against CRH subsidiaries outside of the
distribution group are also pending.
CRH believes that these claims are without merit. The companies involved and the
relevant insurance carriers are co-operating to defend these cases and to settle
only on a minimal, pragmatic basis. The companies have never suffered an adverse
judgement in a trial court proceeding related to these asbestos cases. Based on
its review and the nature of these cases, CRH does not believe that the outcome
of any pending actions will have a material adverse impact on the financial
position, results of operations or cash flows of the Group.
This document includes certain 'forward looking statements' within the meaning
of the U.S. Private Securities Litigation Reform Act of 1995. These statements
are based on management's current expectations and are subject to uncertainty,
changes in circumstances and other factors which could affect the outcome of
these cases. Actual results may differ materially from these expectations.
Contact : +353 (0) 1 404 1000
Liam O'Mahony, Chief Executive
Harry Sheridan, Finance Director
Myles Lee, General Manager - Finance
Conference calls will take place as follows:
Europe Americas
Time: 9.00 BST 9.00 EST ( 14.00 BST )
Dial-in number for both calls: +44 (0) 20 8240 8241
Password for both calls: CRH
CRH plc, Belgard Castle, Clondalkin, Dublin 22, Ireland TELEPHONE +353.1.4041000
FAX +353.1.4041007
E-MAIL mail@crh.com WEBSITE www.crh.com Registered Office, 42 Fitzwilliam
Square, Dublin 2, Ireland
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