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Kraft books impairment loss of $48 mn on India ops

DNMUM394219 | 8/10/2017 | Author : Kumar Shankar Roy | WC :343

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World’s fifth-largest food and beverages co, Kraft Heinz Co, popular in India for its brands like Complan, Glucon-D, Nycil and Heinz, has recognised a non-cash impairment loss of $48 million in selling, general and administrative (SG&A) expenses for June quarter.
The company said this loss was due to continued declines in nutritional beverages in India.
The food major employs about 2,500 people in India, and is headquartered in Mumbai with four branch offices in key metros and two large manufacturing facilities in Aligarh and Sitarganj.
Kraft Heinz Co tests indefinite-lived intangible assets for impairment at least annually in the second quarter or when a triggering event occurs. “We performed our 2017 annual impair
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