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People & Business :: People/Executives
Georgia Gulf’s Loss Widens; New CEO Appointed
12:32 PM MST | February 25, 2008 | Rebecca Coons and Nancy Seewald
Georgia Gulf, which continues to struggle in the wake of its 2006 acquisition of Royal Group, reported a net loss of $227.3 million ($6.62/share) for the fourth quarter of 2007. The company also announced the departure of its CEO and significant asset writedowns last week. The charges include an asset impairment charge of $155.7 million and a $52.1-million charge related to a valuation allowance against deferred tax assets in Canada. Georgia Gulf reported a loss of $47.2 million in the same year-ago period. Earnings were hurt by “substantial...
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