Suominen has completed the divestment of its wet wipes business
Helsinki, Finland, 2013-07-15 16:20 CEST (GLOBE NEWSWIRE) -- Suominen Corporation Stock exchange release 15 July 2013 at 17:20 (EEST)
SUOMINEN HAS COMPLETED THE DIVESTMENT OF ITS WET WIPES BUSINESS
Suominen Corporation has completed the divestment of its wet wipes business unit, Codi Wipes, announced on 17 June 2013. Both parties of the deal have now fulfilled the conditions precedent and the transaction has been closed. Codi Wipes business unit will be excluded from Suominen’s financial reporting as of today. Previously, Codi Wipes has been reported as part of Suominen’s Wiping segment.
As stated in the previous announcement, Suominen will recognize due to the divestment, in accordance with the IFRS 5 standard, a loss of MEUR 16.8 in the second quarter result of 2013 of its discontinued operations.
The divestment further strengthens Suominen’s strategic focus on nonwovens and clarifies its position in wipes value chain.
Nina Kopola, President and CEO
For additional information, please contact
Nina Kopola, President and CEO, tel. +358 (0)10 214 300
Suominen in brief
Suominen supplies its industrial and retail customers with nonwovens and flexible packaging for use in consumer products worldwide. Suominen is the global market leader in nonwovens for wipes. The company employs more than 1,000 people in Europe and in the United States. In 2012, the net sales from Suominen’s continuing operations amounted to MEUR 410.4 and operating profit excluding non-recurring items from continuing operations was MEUR 12.9. The Suominen share (SUY1V) is listed in NASDAQ OMX Helsinki Stock Exchange. Read more at www.suominen.fi.
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