SGS and the Government of the Republic of the Philippines have reached an agreement over the outstanding receivables on the contact which expired at the end of March 2000.
The Government determined that CHF 192m. are payable to SGS out of total outstanding billings of CHF 206m. Under certain conditions, SGS would be ready to forego c. CHF 10m. Considering the continuing tight budgetary situation faced by the Government, both parties understand the payment to be spread out over a certain period of time.
SGS is very pleased and grateful to have reached an agreement in a very positive and constructive manner. SGS is committed to further develop its activities in the Republic of the Philippines.
The SGS Group, with its 30'000 employees over a network of more than 850 offices and subsidiaries and 330 laboratories in 140 countries, is the clear global leader and innovator in verification, testing and certification services.
==> This press release can be downloaded as PDF from the enclosed link.
AGREEMENT BETWEEN SGS AND THE GOVERNMENT OF THE REPUBLIC OF THE PHILIPPINES
| Source: SGS Société Générale de Surveillance SA
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