Published: 2010-12-14 13:00:00 CET

Glaston Corporation recognizes impairment loss of goodwill

Helsinki, Finland, 2010-12-14 13:00 CET (GLOBE NEWSWIRE) -- GLASTON CORPORATION    STOCK EXCHANGE RELEASE    14.12.2010 at 14.00

Glaston Corporation recognizes impairment loss of goodwill                                 

Glaston announced in the January – September interim report that it had detected indications of a possible impairment of goodwill in the operating segments within the Machines reportable segment. Impairment testing of goodwill has been finalized, and as a result of the tests, Glaston's Board of Directors has decided in its meeting on 14 December 2010, to recognize an impairment loss of goodwill totaling EUR 5.8 million in the Pre-processing operating segment within the Machines reportable segment.  Impairment testing of other operating segments within the Machines reportable segment did not result in any impairment of goodwill.

Glaston performed the annual goodwill impairment testing of other reportable segments (Software Solutions and Services) according to the normal timetable during the final quarter. Based on the tests, there is no need to recognize an impairment loss.

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 2010 as a non-recurring item.

Glaston's outlook remains unchanged and we expect that 2010 net sales will be at the 2009 level and that the operating result will improve significantly.

Sent by:
Glaston Corporation
Agneta Selroos
Director, Communications and Marketing
Tel.+358 10 500 6105 

Glaston Corporation
Glaston Corporation is an 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 quoted on the NASDAQ OMX Helsinki Mid Cap List.


Distribution:OMX, main media, www.glaston.net

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         President & CEO Arto Metsänen
         Tel.+358 10 500 500