• Home
• Newsroom
• UPDATED OUTLOOK OF SUOMINEN CORPORATION

UPDATED OUTLOOK OF SUOMINEN CORPORATION

SUOMINEN CORPORATION     STOCK EXCHANGE RELEASE 22 DECEMBER 2008 AT 17.10 P.M. 



UPDATED OUTLOOK OF SUOMINEN CORPORATION                                         

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.                                                     


Helsinki, 22 December 2008                                                      


SUOMINEN CORPORATION                                                            


Board of Directors                                                              




For addition information please contact:                                        
Mr. Petri Rolig, President and CEO, tel. +358 (0)10 214 300                     
Mr. Arto Kiiskinen, Vice President and CFO, tel. +358 (0)10 214 300