Glaston Corp. Recognizes Impairment Loss of Goodwill

Glaston Corp. of Helsinki, Finland, announced in its January – September interim report that it had detected indications of a possible impairment of goodwill in the operating segments within the Machines Reportable segment, the company reported today in a news release.

Impairment testing of goodwill has been finalized, and as a result of the tests, Glaston's Board of Directors has decided in its meeting today to recognize an impairment loss of goodwill totaling EUR 5.8 million in the pre-processing operating segment within the machines reportable segment. Impairment testing of other operating segments within the Machines Reportable segment did not result in any impairment of goodwill.

Glaston performed the annual goodwill impairment testing of other reportable segments, Software Solutions and Services, according to the normal timetable during the final quarter. Based on the tests, there is no need to recognize an impairment loss, the company adds.

The impairment loss of goodwill has no cash flow effect, and it is recognized in the profit or loss statement in the reporting period of 2010 as a non-recurring item. The company adds that its outlook remains unchanged and “we expect that 2010 net sales will be at the 2009 level and that the operating result will improve significantly.”

600450 Glaston Corp. Recognizes Impairment Loss of Goodwill
Date: 16 December 2010
Source: Glaston

See more news about:

See more from these topics:

Others also read

The fourth GPD Istanbul presents the latest advances in the glass industry together with the most interesting future developments.
2017 comparable operating profit nearly doubled to EUR 5.4 million.
Glaston publishes the 2017 Financial Statements Release on February 8, 2018 at 13.00 p.m.
RC350 strengthens tempering capabilities.

Add new comment