NUEMARKT, GERMANY -- Pfleiderer AG, an international producer of wood composite panels and related products, said it knows it lost money despite growing revenues by 8% in 2010, but has not completed a final calculation to pinpoint how much.

Pfleiderer, whose holdings include Uniboard and Pergo,  said its restructuring and closure of production facilities and the impairment of equity, will reduce its share capital of the company by more than half. "The balance sheet impairments have no impact on cash and do not affect the company’s liquidity," the company added.

“The restructuring measures we have taken are showing the first positive effects. In terms of both value and time, they are in line with the planning we communicated on November 11, 2010,” said Pfleiderer Chairman and Executive Board CEO Hans Overdiek.

Read Pfleiderer's financial release.

Posted by Rich Christianson

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