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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.

About Panalpina

The Panalpina Group is one of the world's leading providers of supply chain solutions. The company combines its core products of Air Freight, Ocean Freight, and Logistics to deliver globally integrated, tailor-made end-to-end solutions. Drawing on in-depth industry know-how and customized IT systems, Panalpina manages the needs of its customers' supply chains, no matter how demanding they might be. Energy Solutions is a specialized service for the energy and capital projects sector. The Panalpina Group operates a global network with some 500 offices in more than 75 countries, and it works with partner companies in a further 90 countries. Panalpina employs 15,000 people worldwide who deliver a comprehensive service to the highest quality standards – wherever and whenever.