Fresenius adopts Sarbanes-Oxley regs
Fresenius Medical Care (Bad Homburg, Germany), a provider of dialysis products and services, said it is “one of the few” German companies to “voluntarily adopt” new U.S. regulations early and assessed the company's internal control over financial reporting as effective.
The purpose of the law is to increase investors' confidence in capital markets by improving the financial reporting and the existence and effectiveness of internal controls of listed companies. The Sarbanes-Oxley Act was passed by U.S. Congress in July 2002 and was initiated by Senator Paul Sarbanes and Representative Michael Oxley. Foreign companies (so called foreign filers) like Fresenius Medical Care that are listed on U.S. stock exchanges are not required to comply with Section 404 of the Sarbanes-Oxley Act for fiscal years ending before July 15, 2006.
“Early compliance with the new regulations benefit shareholders and other stakeholders by providing an added level of confidence already in our 2005 financial statements,” said Lawrence Rosen, CFO of Fresenius Medical Care.
Cambridge completes research facility
Dow Corning (Midland, Michigan), a member of the Centre for Advanced Photonics and Electronics (CAPE) consortium, reported that Cambridge University Electrical Engineering Division (West Cambridge, UK) has completed and equipped a new research facility for the development of emerging technologies across a variety of markets, including optoelectronics, nanoelectronics and displays.
Located on the University of Cambridge's science and technology campus, the new building represents the culmination of nearly two years of collaboration between the University and CAPE's member companies. This new facility will be the home of the CAPE consortium and the focus for the research portfolio it supports.
Founded in 2004, CAPE is a partnership between Dow Corning and three other high-tech companies: optoelectronics component supplier ALPS Electric (Japan), optical systems firm Marconi/Ericsson (UK/Sweden), and Advance Nanotech (New York), a nanotechnology-focused business incubation company.