Gurit wins Zoltek court battle
By IBI Magazine
Swiss composites specialist Gurit has revealed that the US Court of Appeals has confirmed its victory in the District Court, where it was found that Gurit had been significantly damaged by Zoltek's material breaches of its then supply agreement with the company and confirmed damages in the amount of US$21 million.
The company intends to enforce the judgement immediately, although Zoltek may file a motion for rehearing by the court of appeal or a further appeal. In its 2008 half-year report, Gurit already recognised CHF 7.4 million income related to this claim, following a hedge agreement entered into with a bank.
Gurit also expects to prevail in a separate lawsuit Zoltek has filed in Federal District Court, St Louis. The court is now deciding whether this lawsuit will even go forward. The company believes that Zoltek's claims are for various legal and factual reasons without merit, as stated in its 2007 Annual Report.
(10 October 2008)
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