Home / Knowledge / News / Textiles / Suominen books non-recurring & impairment charges of EUR 4 mn in Q4

Suominen books non-recurring & impairment charges of EUR 4 mn in Q4

05
Jan '09
Suominen Corporation books non-recurring and impairment charges of EUR 4 million in the fourth quarter of 2008. The underlying operating profit excluding one-offs is expected to be below that of previous year.

In the Q3 Interim Report, Suominen expected that the underlying operating profit will be on the level of the previous year at the best and the whole year result was expected to be negative.

Non-cash impairment charges of EUR 2.5 million are related to write-down of the book values of goodwill and tangible assets in the Nonwovens business unit. Impairment test calculations have been made to cash-generating units. Due to uncertain general economic situation, assumed risk in the calculations is higher than earlier.

Non-recurring costs are booked mainly due to headcount reductions in the Wet Wipes business unit.

Local employee negotiations have been started in the unit aiming at reducing full time employees by 40 persons to improve the unit's competitiveness. Production will be allocated to more profitable products and customers, and productivity will be improved by new automation line.

The impact of improvement in margins and cost savings is expected to be close to EUR 2 million on an annual basis.

Suominen Corporation


Interviews View All

Cindy McNaull, Cordura

Cindy McNaull
Cordura

We have broad range of options in durable fabrics

Dharmendra Shah, Ozone PB Spintex Limited

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Sanjay Yagnik, Maa Tex Speciality

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Herbert Guebeli,

Herbert Guebeli

Switzerland-based Sedo Engineering develops technologies for the denim...

Francesco Gozio,

Francesco Gozio

Italian company Marzoli is a leading manufacturer of the complete line of...

Anupam Arya,

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Kai Poehler, Voith Paper GmbH & Co. KG

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Mr Ambrose Chan, DSG International (Thailand) PLC

Mr Ambrose Chan
DSG International (Thailand) PLC

Keith McMillen, Bebop Sensors

Keith McMillen
Bebop Sensors

Bebop Sensors' smart fabrics allows for a new level of interaction between ...

Igor Chapurin, Chapurin

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Seema Agrawal, Artisan Saga

Seema Agrawal
Artisan Saga

Artisan Saga, founded by Kaushik Rajani and Seema Agrawal, is an online...

Samar Firdos, Arvind Ltd

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


October 2019

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Follow us on instagram

Follow

Follow Fibre2Fashion On


Advanced Search