NZ writedown for Oz waste group

Australian waste management company Transpacific Industries has written down the goodwill of its New Zealand division by between about A$180 million and A$200 million ($233 million-$259 million) on lower expectations for the rate of growth in this country.

The impairment makes up the bulk of an expected total non-cash writedown announced yesterday by the company on the carrying value of intangible assets of A$225 million-A$250 million.