Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


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)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Court Ruling: Kiwifruit NZ Ordered To Consider Collaborative Marketing Proposals

The High Court has told kiwifruit marketer Zespri to reconsider collaborative marketing proposals from Splice Fruit and Seeka Kiwifruit to sell fruit offshore that its board had previously rejected. More>>

ALSO:

Electric Vehicles: No Road User Charges Feature In Govt Package

Drivers of electric vehicles won't have to pay road user charges and will be allowed to drive in bus lanes as part of a new government plan to double EV numbers annually to a target 64,000 by 2021. More>>

ALSO:

Pre-Budget: Computer Emergency Response Team, Assemble!

John Key told the country's first ever Cyber Security Summit in Auckland that the government had earmarked funding set up a national Computer Emergency Response Team to help prevent and act on cyber incidents in partnership with the private sector and other organisations. More>>

ALSO:

Job Cutter Goes: Mark Weldon To Step Down As MediaWorks CEO

“When I joined MediaWorks in August 2014, I had a mandate to lead a significant change programme to bring the business back from receivership into a position where it could once again be a strong competitor in the market, with a sound and sustainable future. It was a big brief, laden with inherent challenges, but I took it in good faith and have dedicated myself fully to the goal since." More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news