22/02/2013
Tagmaster divests Malaysian arm
Stockholm, Sweden
Since Tagmaster AB acquired the company Free2move in Asia and thereby established Tagmaster SB with business in Malaysia, the growth expectations have changed dramatically, partly due to not realised sales volumes (much lower volumes and a negative result), partly due to delay in commercialisation of new products and projects. These changed market conditions have lead to a re-evaluation of the goodwill from the acquisition of Free2move Asia and resulted in a write down with 3 MSEK of this goodwill in quarter 3.
The divested business has had a total turnover 2012 of almost 3 MSEK. There will be a continuation of the cooperation with the Malaysian company and its new owner whereby the company will continue to represent and sell the Tagmaster products in Southeast Asia.