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Greenyard Gives First Estimate Of Financial Impact Of Recent Recall


Tuesday, 17 Jul 2018 

July 17 (Reuters) - GREENYARD NV ::GREENYARD GIVES FIRST ESTIMATE OF FINANCIAL IMPACT OF RECENT RECALL.AFTER INSURANCE, GREENYARD ESTIMATES THAT THE FINANCIAL IMPACT OF THE RECALL AMOUNTS TO ABOUT EUR 30.0 MILLION.WILL NOT RESTART PRODUCTION IN OUR HUNGARIAN FACILITY UNTIL WE ARE FULLY SATISFIED WITH RESULTS OF TESTS.PROCESS OF RECALLING RELEVANT PRODUCTS FROM OUR CUSTOMERS AND CONSUMERS IS ONGOING, WITH PRODUCTS BEING RETURNED AND DESTROYED..MORE THAN 80% OF THE RECALL AMOUNT IS EXPECTED TO CONSTITUTE NON-RECURRING ITEMS.HAS CLOSED ITS PLANT IN HUNGARY.ESTIMATE ABOUT ONE THIRD OF IMPACT TO HAVE A BALANCE SHEET IMPACT (IMPAIRMENT) AND ABOUT TWO THIRD TO HAVE A CASH IMPACT.HAS NO VIEW YET ON POTENTIAL CLAIMS FOR PHYSICAL DAMAGES OR PRODUCT DAMAGES. 

Company Quote

3.775
-0.115 -2.96%
18 Apr 2019