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Cargotec has received a verdict of damages of US$13 million after trial in US
FINLAND's Cargotec has received a US$13 million verdict in a local jury trial in Hempstead, USA. The verdict is subject to the local judge's confirmation.
The verdict is related to business acquisition negotiations Cargotec USA had in 2010 and 2011. The negotiations were closed without results.
The claim is based on Cargotec having breached confidentiality obligations related to the negotiations.
Cargotec disputes the claim and will appeal to the Court of Appeals. Cargotec estimates that the verdict does not have an impact on the 2016 result.
Cargotec (Nasdaq Helsinki: CGCBV) is a leading provider of cargo and load handling solutions with the goal of becoming the leader in intelligent cargo handling.
Cargotec's business areas Kalmar, Hiab and MacGregor offer products and services that ensure our customers a continuous, reliable and sustainable performance. Cargotec's sales in 2015 EUR3.7 billion and it employs 11,000 people. www.cargotec.com
On October 30, the Shipping Gazette sent the following to which we have received no reply at yet:
"We are in receipt of a press release from you about a legal action in "Hempstead USA". We cannot determine whether this Hempstead is Hempstead, New York on Long Island, or Hempstead, Texas, near Houston. This and any other information you may have about the case, eg, the specific name of the court involved, would be greatly appreciated. Sincerely, Christy McCormick, Editor, Hong Kong Shipping Gazette/Asian Shipper.
For more, visit www.shippingazette.com
The verdict is related to business acquisition negotiations Cargotec USA had in 2010 and 2011. The negotiations were closed without results.
The claim is based on Cargotec having breached confidentiality obligations related to the negotiations.
Cargotec disputes the claim and will appeal to the Court of Appeals. Cargotec estimates that the verdict does not have an impact on the 2016 result.
Cargotec (Nasdaq Helsinki: CGCBV) is a leading provider of cargo and load handling solutions with the goal of becoming the leader in intelligent cargo handling.
Cargotec's business areas Kalmar, Hiab and MacGregor offer products and services that ensure our customers a continuous, reliable and sustainable performance. Cargotec's sales in 2015 EUR3.7 billion and it employs 11,000 people. www.cargotec.com
On October 30, the Shipping Gazette sent the following to which we have received no reply at yet:
"We are in receipt of a press release from you about a legal action in "Hempstead USA". We cannot determine whether this Hempstead is Hempstead, New York on Long Island, or Hempstead, Texas, near Houston. This and any other information you may have about the case, eg, the specific name of the court involved, would be greatly appreciated. Sincerely, Christy McCormick, Editor, Hong Kong Shipping Gazette/Asian Shipper.
For more, visit www.shippingazette.com
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