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UPDATE 1-Jarden to take $56 mln charge on Venezuelan inflation
April 16, 2010 / 9:40 PM / in 8 years

UPDATE 1-Jarden to take $56 mln charge on Venezuelan inflation

* To record charge in Q1

* To change accounting retroactive to Jan. 1

April 16 (Reuters) - Consumer products company Jarden Corp JAH.N said it would take a $56 million charge in the first quarter due to inflation in Venezuela.

The company said it would change its accounting retroactive to Jan. 1, 2010 so that the amount, which was originally recorded through equity, will now be recorded as a one-time charge.

Jarden, which sells products ranging from cookware to skis and playing cards, said it would change the functional currency for its unit in Venezuela to the U.S. dollar from the Venezuelan bolivar.

Consumer prices in Venezuela rose 25.1 percent in 2009, making inflation in the South American oil-producing nation one of the highest in the world, a government source told Reuters in January. [ID:nN07187396]

Shares of Rye, New York-based Jarden closed at $33.57 Friday on the New York Stock Exchange. (Reporting by Vidya Lakshmi in Bangalore; Editing by Anne Pallivathuckal)

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