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Skellerup pays 'net' $1.58M to settle suit over pipe seals
By Jonathan Underhill June 25 (BusinessDesk) -
Skellerup Holdings said it has settled an historic claim
with Marley New Zealand over faulty seals supplied for
irrigation systems, with a net after-tax impact on the
rubber goods and farm equipment of $1.58 million. The
company said it doesn't admit liability in the settlement
but had opted to avoid costs of a High Court trial. The
cost of the settlement would be shaved off previous guidance
of $22 million to $24 million this year, excluding the
impact of insurance proceeds in March and earthquake related
costs. The dispute involves subsidiary Skellerup Rubber
Services, which was sued for some $7.3 million in damages
after supplying pipe seals Marley argued didn’t meet
Australian and New Zealand standards and weren’t
watertight. Skellerup had denied the claims. Skellerup
shares were unchanged at $1.76 and have gained 1.7 percent
this
year. (BusinessDesk)
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