Outokumpu Oyj and Carrier Corporation have signed a settlement agreement that covers all damage suits against Outokumpu by Carrier in the US and UK pursuant to the European Commission’s industrial tubes cartel decision of 2003.
The total settlement amount is around 10 million euros. The settlement covers also all former Outokumpu subsidiaries included in the claims.
Says Head of Corporate Affairs and Compliance Kimmo Karihtala: “We consider this settlement to be justified, as it is in our best interest to avoid further expense, inconvenience and burden of continuing litigation, and to get a final resolution in all Carrier’s claims.”
According to the settlement agreement, all damage suits by Carrier, originally raised in 2006 in Tennessee, in the United States against Outokumpu and Luvata Franklin, Inc. (former Outokumpu Franklin Inc.) and in 2009 in the courts of England and Wales against Outokumpu are now released.
The settlement amount will be booked as a non-recurring item in the second quarter 2013 EBIT.