Manufacturing Industry
Pressac settles Smith lawsuit out of court.(News)(Pressac Holdings PLC v. W.H. Smith (Scotland) Ltd.)
Plastics News, November, 2002 by Higgs, Richard
Byline: Richard Higgs One of the dark clouds hanging over telecommunications and automotive components producer Pressac plc has lifted with the eleventh-hour, out-of-court settlement of a long-running dispute over its purchase of injection molder W.H. Smith (Scotland) Ltd. Two years ago Pressac of Nottingham, England, initiated legal action to recover a large slice of the pound sterling18 million ($26 million) it paid in 2000 to purchase the East Kilbride, Scotland-based molder.
Pressac sued the firm's former owner alleging misrepresentation and breach of warranty. A bid to settle the case earlier this year failed. But days before the case was to go to trial Oct. 1, Pressac accepted a settlement under which it will receive a gross payment of pound...
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