Asbestos victims groups and unions are cautiously welcoming the announcement by CSR that it will pursue a sale of its sugar business to Wilmar International Limited.

The sale of the sugar business is preferable to the previously proposed demerger, which would have seen a large part of the CSR business split off and no longer liable for CSR’s obligations to its asbestos victims.

AMWU National President, Paul Bastian said that victims and unions want some of the proceeds of sale to be set aside for future payments for asbestos victims.

“A sale is better than the demerger because it means CSR will get the proceeds of the sale. What we’re saying is that it should designate a reasonable portion of that to be able to be accessed by victims.”

Barry Robson, President of the Asbestos Diseases Foundation of Australia, said there were signs the company was listening.

“We are heartened by public comments that the company is considering this proposal. No one wants a repeat of what happened with James Hardie.  To date CSR have been prepared to listen to victims and unions and we look forward to further consultation with the company,” he said.

“The sale could provide significant peace of mind and security for those persons exposed to asbestos from CSR products depending on the company’s willingness to put money aside from the sale to cover the company’s future asbestos liabilities.”

Mr Robson further called on the Federal Government, who must approve the sale (via the Foreign Investment Review Board) to place conditions on the sale to ensure all future CSR asbestos victims will have access to just and fair compensation.

Paul Bastian, said that the victims and families should be taken into account when the decision is made.

“The priority in this situation must be with the victims and their families to whom CSR owes compensation. They must absolutely secure compensation into the future before any other concern with the profit from selling this lucrative part of their business.”