Sunningdale writes down goodwill from earlier acquisitions

By Gurdip Singh
Correspondent

Published: February 13, 2012 6:00 am ET

Related to this story

Topics Mergers & Acquisitions, Injection Molding, Molds/Tooling

SINGAPORE (Feb 13, 1:35 p.m. ET) — Singapore-based Sunningdale Tech Ltd it will be facing a loss in the current fiscal year due to an impairment loss on goodwill of S$23.7 million (US$18.9 million).

This charge will result in an accounting loss for both the fourth quarter and the full financial year, which ended Dec. 31, the company said in a filing to the Singapore Stock Exchange.

The goodwill charges are related to acquisitions of Chi Wo Plastic Moulds Fty Ltd. and Ufe Pte Ltd.

Chi Wo has experienced a slowdown in sales and higher operating costs as wages in China escalated, said Sunningdale Tech. In the case of Ufe, one of the major customers was undergoing an internal restructuring.

“Given these factors, and taking into account the current economic outlook, the group has concluded that it is likely that the fair values of these units have been reduced below their carrying values,” the company said in the filing.

Without this charge, the company would have remained profitable for the quarter and the fiscal year, Sunningdale Tech said in a profit guidance report.


Comments

Sunningdale writes down goodwill from earlier acquisitions

By Gurdip Singh
Correspondent

Published: February 13, 2012 6:00 am ET

Post Your Comments


Back to story


More stories

Image

Atkore expands in PVC conduit, buying American Pipe & Plastics

October 20, 2014 6:06 pm ET

Atkore International Inc. of Harvey, Ill., has acquired PVC conduit maker American Pipe & Plastics Inc. of Kirkwood, N.Y., which serves the...    More

Image

Report: Suspected former Nazi with plastic connection collecting Social Security

October 20, 2014 3:52 pm ET

AKRON, OHIO — A one-time plastics executive in Akron is among dozens of suspected former Nazis who have been collecting U.S. Social Security...    More

Molder expands in France with new clean room

October 20, 2014 1:30 pm ET

Global Closure Systems (GCS), a global injection molding producer, showed off its new ISO 7 clean room at its Astra Plastique factory in France...    More

Molder goes to auction block

October 17, 2014 12:17 pm ET

An Illinois custom injection molding operation will be auctioned off after its owner decided to close the business.    More

Image

Hasco gets into augmented reality

October 17, 2014 6:00 am ET

Mold makers may be used to seeing cores and pins on the exhibition stand of a supplier — but not augmented reality that looks like it comes from...    More

Market Reports

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 million dollar plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our analysts provide insight on business trends, foreign investment, top end markets and plastics processing activity. The report also provides important data on exports, production, employment and value of plastics products manufactured.

Learn more

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

More Events