Ceramic Industry News

Pechiney Announces Assets Write-Downs

January 27, 2003
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The Pechiney Group recently announced that its fourth quarter results, due out on January 30, 2003, will include in its French GAAP accounts 50 million euros of SFAS142 related goodwill impairment. In addition, a 114 million euro one-time pre-tax charge for restructuring and assets write-downs will be taken. In total, these exceptional items will amount to 164 million euros before tax (of which around 20 million will have an impact on cash flow) and 130 million euros after tax (or 1.67 euro per share). These charges are the result of a detailed review of the outlook of the Group's activities.

Pechiney's website is located at http://www.pechiney.com .

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