19th Feb 2015 14:40
LONDON (Alliance News) - Alent PLC Thursday said it has settled all litigation with MacDermid Inc, now part of Platform Specialty Products Corp, meaning it will pay USD10 million in full and final settlement of the claims.
"This litigation relates to corporate activity involving MacDermid and Cookson Group PLC and dates back to 2006," Alent said.
"The pending litigation was noted in the contingent liability note of Alent's 2013 Annual Report & Accounts and referenced at the time of Alent's formation and demerger from Cookson," Alent added.
In a statement published shortly after Alent's statement, Vesuvius PLC said it is required to contribute half of any net settlement liability under the terms of its demerger from Alent, meaning it will also pay USD10 million as its share of the settlement.
Alent shares were down 0.9% at 340 pence on Thursday, while Vesuvius shares were up 2.9% at 477.1 pence.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Vesuvius