GLASTON CORPORATION Stock Exchange Release 12.1.2010 at 14.30
Glaston recognizes impairment loss of goodwill
Glaston reorganized its business in spring 2009 and defined the reportable
segments to reflect the new business model. The reportable segments were
redefined during the autumn. Goodwill has been allocated to the new reportable
segments accordingly.
Glaston performed the annual impairment testing of goodwill during the last
quarter of 2009. As a result of the testing, Glaston's Board of Directors
decided in its meeting on 11 January, 2010, to recognize an impairment loss of
goodwill totaling EUR 6.4 million in the Machines segment.
In addition, the Board of Directors decided to recognize an impairment loss of
goodwill totaling EUR 1.4 million, because the goodwill arising from the
acquisition of the glass processing business was considered to be impaired in
its entirety. This goodwill was allocated to the Services segment when Glaston
reportable segments were redefined, thus the impairment loss affects the
Services Segment.
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 2009 as a non-recurring
item.
For additional information, please call:
Kimmo Lautanen, CFO, +358 10 500 6419
Sender:
Glaston Corporation
Agneta Selroos
IR and Communications Manager
Tel. +358 10 500 6105
Glaston Corporation
Glaston Corporation is a growing, international glass technology company.
Glaston is the global market leader in glass processing machines, and a
comprehensive One-Stop-Partner supplier to its customers. Its product range and
service network are the widest in the industry. Glaston's well-known brands are
Bavelloni in pre-processing machines and tools, Tamglass and Uniglass in safety
glass machines, and Albat+Wirsam in glass industry software.
Glaston's share (GLA1V) is listed on the NASDAQ OMX Helsinki Mid Cap List.
www.glaston.net
