Each issue of PaperMoney is approximately 500 fact filled pages.
Logout
Click here for Pulp & Paper Radio International
Items just for you
New publication added! Advertising Arguments 2015 book
Free Downloads
Search
My Profile
Login
Management Side
Technical Side
Voith Hydro Inc.
Print
Heidenheim, Germany, 23 November 2010 -- Preliminary results indicate that Voith Hydro Inc. did not conform to applicable accounting rules. Essentially, revenues from multiyear projects were not appropriately accounted on an accrual basis.

Voith stopped the practices immediately and launched an in-depth review of the matter. The management team of Voith Hydro Inc. responsible for the affected financial years has been immediately relieved of its duties pending the outcome of the ongoing review. Once the audit is complete, Voith will decide on further measures where required. 
 
Based upon information available at this time, Voith believes that the practices did not affect the customers of Voith Hydro Inc. The potential financial implications, as quantified to date, will be limited. The effect on the consolidated operational result of the Voith Group is less than USD 1.5 million for fiscal year 2009 according to the current state of the review. The financial statements will be corrected retroactively where required. 
 
The company has named Kevin Frank to take over the management at Voith Hydro Inc. Frank was most recently senior vice president of the Fabric and Roll Systems business of Voith Paper North America. 
 
The U.S. hydroelectric power market is a key market for Voith Hydro, and Voith intends to expand its presence in this market in the future. The employees of Voith Hydro Inc. in York, Pennsylvania, have contributed significantly to the development of this market in the past and will continue to enjoy the full confidence of the company.

Voith sets industry standards in the paper, energy, mobility, and service markets. Founded in 1867, and with a workforce of 39,000 employees, sales worth EUR 5.1 billion, and 280 locations worldwide, Voith is one of Europe’s largest family-owned businesses.



Powered by Bondware
News Publishing Software

The browser you are using is outdated!

You may not be getting all you can out of your browsing experience
and may be open to security risks!

Consider upgrading to the latest version of your browser or choose on below: