Tuesday, February 07, 2012

Large drugs company wont keep cash in Euros

LONDON (Dow Jones)--GlaxoSmithKline PLC (GSK) has been funneling cash back to the U.K. daily from banks in euro-zone countries as part of its strategy to reduce exposure to risks of a possible breakdown of the European monetary system.

"We don't leave any cash in most European countries," Chief Executive Andrew Witty said.

"We sweep all of our cash raised during the day out of the local banks and send it to banks here in the U.K. which we think are robust and secure," Witty said, adding: "We've been doing this since early last year ...

 Seems like a well managed company then! Link to the report is here.



Post a Comment

<< Home