Word: bhopal
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...comeback will be all the more difficult after Bhopal. Said one Wall Street analyst: "In cases like this, a company's stock goes into a tunnel and does not come out for a number of years...
...corporation's Danbury, Conn., headquarters: "People were scared to death by the company's falling stock price, but most of all they felt terrible about the tragedy." On Thursday at noon the company's 100,000 employees worldwide observed a moment of silence for the Bhopal victims. Without any prompting from superiors, managers launched safety reviews of their operations...
Union Carbide's management has tried to allay shareholders' fears. "The Bhopal tragedy is without precedent," said an official statement. "But considering both the insurance and other resources available, the financial structure of Union Carbide is not threatened." The company would not reveal the source or the extent of its insurance protection against industrial accidents. Cigna, a Philadelphia-based financial-services company, disclosed that it could be responsible for a tiny fraction-no more than about $1 million-of Union Carbide's potential insurance claims. Said a Cigna spokesman: "Our exposure is minimal and certainly will have...
...Bhopal disaster came as a shock to the chemical industry because Union Carbide is noted for its safety concerns. Said Dan Edwards, director of health and safety for the Oil, Chemical and Atomic Workers International Union: "The large chemical manufacturers have pretty good track records for health and safety, and I'd say Union Carbide is above average." Said Hugh Kaufman, a hazardous-waste specialist at the Environmental Protection Agency: "I'm not surprised that something like this happened, but I am surprised that it was Union Carbide...
...Bhopal accident is by far the worst crisis ever to face Union Carbide. The company grew out of a firm founded in 1886 that produced the first dry-cell la battery. Union Carbide played a key role in the Manhattan Project, which developed the atomic bomb. Over the years many of the firm's products, including Eveready batteries, Glad bags, Prestone antifreeze and Simoniz car wax, have become popular items in America's households. But the company's best customers are businesses. Major products include polyethylene and other petrochemicals, industrial gases like acetylene and argon, and pesticides...