jostie schreef:
www.platts.com/RSSFeedDetailedNews/RS...Applied Magnesium to pay Timminco $1.8 million to settle lawsuit
Louisville, Kentucky (Platts)--5Aug2011/522 pm EDT/2122 GMT
Applied Magnesium has agreed to pay Canada's Timminco nearly $1.8 million to resolve a lawsuit under a settlement filed Friday with a US district court in Colorado.
Timminco, which in 2009 sold its Denver-based magnesium fabricated products division to Applied USA's parent, Applied Magnesium International, sued Applied in June, alleging that it had failed to meet its promise to properly compensate Timminco for the sale of its inventory to third parties.
Under the sale agreement, Timminco received a 19.5% equity stake in Applied and agreed to provide Applied with two magnesium alloys, various raw materials and work in progress and finished product inventory.
After Timminco raised concerns about compensation for the sale of the inventory, Applied in April returned 109,104 pounds of the alloy inventory to Timminco. Timminco, however, claimed it was still owed more than $1.5 million.
Applied "breached its agreement with Timminco by failing to turn over the proceeds of the Timminco inventory sales to Timminco, or by failing to return all of the unsold portion of the Timminco inventory to Timminco upon demand," the company said in its suit.
Attorney with neither company were immediately available to comment on the settlement.
Positief, lijkt me!
Groet Ruud