Pfleiderer Sees 2010 Loss, Restructuring Continues

Neumarkt, Germany, March 11, 2011 -- Pfleiderer AG will record a full-year net loss of $475.7 million, RTT News reported, citing provisional and unaudited financial statements.

The net loss posted is a result of various expense charges related to the transfer of losses, depreciation of financial assets, and write-offs of receivables due from affiliated companies.

In the meantime, Pfleiderer said it is making progress with its financing bodies and expects to reach an agreement by the end of next week, a key part of its overall financial restructuring effort.

Board Chairman Hans H. Overdiek said discussions with lenders are taking place "in a very constructive atmosphere."

Pfleiderer also said it has been profitable in Germany since the beginning of the year, thanks to capacity reductions and price increases.