Exhibit 99.1
[GRAPHIC OMITTED]
Fresenius Medical Care
Press Release Fresenius Medical Care AG
Investor Relations
Else-Kroner-Str. 1
D-61352 Bad Homburg
Contact:
Oliver Maier
------------
Phone: + 49 6172 609 2601
Fax: + 49 6172 609 2301
E-mail: ir-fms@fmc-ag.com
North America:
Heinz Schmidt
-------------
Phone: + 1 781 402 9000
Ext.: 4518
Fax: + 1 781 402 9741
E-mail: ir-fmcna@fmc-ag.com
Internet: http://www.fmc-ag.com
---------------------
November 29, 2002
Agreement in principle with asbestos litigants achieved to settle
the Fraudulent Conveyance and all other related issues;
The Company will stay within the therefore accrued Q4 2001 reserve
Bad Homburg, Germany -- November 29, 2002 -- Fresenius Medical Care AG ("FMC")
(Frankfurt Stock Exchange: FME, FME3) (NYSE: FMS, FMS_p), the world's largest
provider of Dialysis Products and Services, today announced that it has reached
an agreement in principle for the settlement of all the fraudulent conveyance
claims against it and other claims related to the Company that arise out of the
bankruptcy of W.R. Grace & Co.
Fresenius Medical Care AG, November 29, 2002 1 of 3
Under the terms of the agreement in principle, fraudulent conveyance and other
claims raised on behalf of asbestos claimants will be dismissed with prejudice
and the Company will receive protection against all existing and potential
future asbestos-related claims upon confirmation of the W.R. Grace & Co.
bankruptcy reorganization plan. The Company will retain responsibility to
resolve the outstanding pre-merger income taxes of the W.R. Grace & Co.
consolidated tax group and has agreed to pay $ 15 million to the W.R. Grace
bankruptcy estate upon plan confirmation. No admission of liability has been or
will be made. The total tax and settlement payments pursuant to the terms of the
agreement in principle are not expected to exceed the amount reserved for tax
payments by the Company in the fourth quarter 2001 (1). A definitive settlement
agreement is expected before the end of the year 2002.
Ben Lipps, Chief Executive Officer of Fresenius Medical Care, commented: "We are
clearly pleased to be able to reach agreement on financial terms that are well
within our existing reserves for pre-merger liabilities and that provide for a
prompt, full and final resolution of these matters. Although we remain confident
that there was no fraudulent conveyance in our 1996 transaction, it was in the
best interests of the Company and its shareholders to put any asbestos-related
questions to rest permanently. This settlement avoids the costs of expensive and
distracting litigation that could have taken years to resolve, and that would
have drawn our attention and energy away from our focus to accomplish the
financial objectives of our US strategic plans and providing outstanding medical
care to our thousands of patients worldwide, first rate clinical support to our
affiliated physicians and clinicians and the highest clinical outcomes for
health plans."
- --------------------------------------------------------------------------------
(1) for even further detail please refer to our Investor News February 13, 2002
- also available on the Internet IR-section www.fmc-ag.com
Fresenius Medical Care AG, November 29, 2002 2 of 3
Fresenius Medical Care AG is the world's largest, integrated provider of
products and services for individuals undergoing dialysis because of chronic
kidney failure, a condition that affects more than 1,100,000 individuals
worldwide. Through its network of approximately 1,450 dialysis clinics in North
America, Europe, Latin America and Asia-Pacific, Fresenius Medical Care provides
Dialysis Treatment to approximately 110,100 patients around the globe. Fresenius
Medical Care is also the world's leading provider of Dialysis Products such as
hemodialysis machines, dialyzers and related disposable products. For more
information about Fresenius Medical Care, visit the Company's website at
http://www.fmc-ag.com.
This release contains forward-looking statements that are subject to various
risks and uncertainties. Actual results could differ materially from those
described in these forward-looking statements due to certain factors, including
changes in business, economic and competitive conditions, regulatory reforms,
foreign exchange rate fluctuations, uncertainties in litigation or investigative
proceedings, and the availability of financing. These and other risks and
uncertainties are detailed in Fresenius Medical Care AG's reports filed with the
U.S. Securities and Exchange Commission. Fresenius Medical Care AG does not
undertake any responsibility to update the forward-looking statements in this
release.
Fresenius Medical Care AG, November 29, 2002 3 of 3