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

Acquisition expands Rieke Packaging's stake in Asia

July 28, 2014 4:39 pm ET

Diversified rigid packaging components producer Rieke Packaging Systems now has a bigger footprint in Asia.    More

Image

Two medical device makers add specialty products through acquisitions

July 28, 2014 3:02 pm ET

The medical merger mania continues this summer as two more medical device manufacturers are swallowed up by bigger competitors.    More

Image

Deal combines US packaging thermoformers

July 28, 2014 12:42 pm ET

Thermoformed medical packager Nelipak Corp. is expanding its North American holdings and access to the U.S. health care market with the purchase of...    More

Image

Austrian mold maker seeking North American manufacturing partner

July 25, 2014 1:49 pm ET

An Austrian mold maker is looking for a manufacturing location in North America.    More

Image

Tooling Technology has new private equity owner

July 25, 2014 11:55 am ET

New York private equity firm GenNx360 Capital Partners has partnered with management to buy Tooling Technology Holdings LLC, a diversified Ohio-based ...    More

Market Reports

Plastics Recyclers Data Report & Directory

This exclusive MS Excel database contains all the companies from Plastics News' ranking of top North American Recyclers and Brokers by reprocessed volume and also includes a directory with materials processes, services offered and company contact information. Data is based on primary research by PN editorial staff.

Learn more

2014 Injection Molding Industry Report

GROWTH, OPPORTUNITY IN SIGHT FOR INJECTION MOLDERS IN 2014

In the wake of the economic turbulence earlier in this decade, molders today find themselves in much better shape. Molders are gaining a competitive advantage by investing in people, equipment and seeking inroads into new markets on a global scale.

Growth in the injection molding industry is going to be driven by low financing costs and a continued move to reshore some business.

Learn more

Shale Gas Market - Analysis of North American Region

This report highlights the impact of shale-based natural gas on the North American plastics market and features an in-depth analysis of production trends in the United States during 2013 and a forecast for 2014 and beyond.

Learn more

Upcoming Plastics News Events

September 10, 2014 - September 12, 2014Plastics Caps & Closures 2014

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

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

More Events