Ceramic Industry News

Pechiney Contunues to Restructure

October 22, 2002
/ Print / Reprints /
ShareMore
/ Text Size+
As Pechiney continues to restructure its assets, the group recently announced that it will be restructuring its Ferroalloys division's head office in order to improve the profitability of this business. A EUR 7m provision will consequently be booked in the third quarter accounts. This decision will increase the year to date amount for restructuring charges to EUR 60m, of which around EUR 40m will not have any impact on cash flow. This amount is comparable to that of the first nine months of 2001. In early October, Pechiney also announced that it would reduce its workforce at its conversion plant in Ravenswood, with a view to focus the facility on profitable products and customers. The corresponding restructuring charge is estimated at EUR 9m and will be accounted for in the fourth quarter accounts. In addition, in line with the application of the FAS 142, the group will be taking a EUR 16m exceptional goodwill amortization charge relating to its Ravenswood activity in its third quarter accounts. The group has also announced that its significant legal disputes came to an end during the third quarter. The group has settled two significant disputes, one relating to a patent infringement case and another linked to a metal trading business, which it sold in 2000. Furthermore, Pechiney has negotiated an insurance policy that will cover the rehabilitation costs of a previously owned mine in the United States. These items will feature in the group's third quarter other income (expense), which will push up the year to date other income (expense) charges to EUR 57m.

For additional information, e-mail Pechiney-IR-Team@pechiney.com or visit http://www.pechiney.com .

Did you enjoy this article? Click here to subscribe to Ceramic Industry Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

September 2014 Issue Highlights

Our September 2014 issue is now available!

Posted: December 15, 2014

Podcasts

Manufacturing Day 2014

Manufacturing Day organizers share their insights with Managing Editor Kelsey Seidler.

More Podcasts

Ceramic Industry Magazine

CI December 2014 cover

2014 December

Be sure to check out our annual Services Directory and Business Guide, with additional articles on advanced glass components, ceramic grinding media, and more!

Table Of Contents Subscribe

Personal Smartphones

Do you use your personal smartphone or other device to complete tasks for your job?
View Results Poll Archive

THE CERAMIC INDUSTRY STORE

M:\General Shared\__AEC Store Katie Z\AEC Store\Images\Ceramics Industry\handbook of advanced ceramics.gif
Handbook of Advanced Ceramics Machining

Ceramics, with their unique properties and diverse applications, hold the potential to revolutionize many industries, including automotive and semiconductors.

More Products

Clear Seas Research

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications,Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

STAY CONNECTED

facebook_40px twitter_40px  youtube_40pxlinkedin_40google+ icon 40px

Directories

CI Data Book July 2012

Ceramic Industry's Directories including Components, Equipment Digest, Services, Data Book & Buyers Guide, Materials Handbook and much more!