Panalpina expects goodwill impairment
Due to the loss of a major customer in Norway, Panalpina reviewed the goodwill position related to its acquisition of Norwegian-based Grieg Logistics in 2011.
Based on the expected business development in Norway over the coming years, the Group considers that the intangible assets of its Norwegian operations have to be partially written off.
The company expects an impairment charge of CHF 29 million to be recorded against the assets in its full-year financial statement 2012.
The Panalpina Group is one of the world's leading providers of supply chain solutions, combining intercontinental Air and Ocean Freight with comprehensive Value-Added Logistics Services and Supply Chain Services. Thanks to its in-depth industry know-how and customized IT systems, Panalpina provides globally integrated end-to-end solutions tailored to its customers' supply chain management needs.
The Panalpina Group operates a global network with some 500 branches in more than 80 countries. In a further 80 countries, it cooperates closely with partner companies. Panalpina employs approximately 15,500 people worldwide.
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