CORANGE RESULTS FALL AS LINK GOES

The Corange group, parent of German pharmaceutical company Boehringer Mannheim, has announced that in 1993 its sales were flat at $3.2 billion, and net profit amounting to $105 million was down 4.55% on the previous year. The 1993 financial results include a restructuring charge of $185.2 million, which covers manpower reductions in Europe and the USA and also charges associated with certain manufacturing operations.

The group pointed out that, at constant exchange rates, sales had risen 7%. Considering the difficult market conditions, the results were viewed as being satisfactory.

Following the recent boardroom showdown (Marketletters passim), Max Link has stepped down as chief executive and relinquished his other positions within the Corange group as of June 10. This was seen as inevitable after he failed to prevail in getting his nominee appointed to the revamped supervisory board of Corange in opposition to those of the former chairman, Curt Engelhorn.