Corporate | 22 July 2010 11:39
Muehlhan AG / Legal Matter/Miscellaneous
22.07.2010 11:39
Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
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Muehlhan prevails in U.S. appeals court
* Damage award of USD 1.43 million affirmed
* Additional lawsuit pending
Hamburg, 22 July 2010 - A federal appeals court in the state of Louisiana
has affirmed the USD 1.43 million award in the damage claim filed by
Muehlhan (Entry Standard; ISIN DE000A0KD0F7). Meanwhile, all motions filed
by the opposing party have been denied by the appeals court.
In the lawsuit, Muehlhan had demanded damages from two former key employees
of Meaux Surface Protection Inc. (today MOI), a Muehlhan subsidiary which
at that time was operating in the U.S. offshore business, for illegally
poaching customers and employees in 2006. In 2009, the lower court awarded
Muehlhan damages of USD 1.43 million; the amount then had been lodged by
the defendants. Muehlhan expects this amount, plus interest totaling around
USD 160,000 awarded in the interim, to be paid within the next few weeks.
Because the damages were recognized as a one-time gain at the time of the
lower court judgment in 2009, only the interest payment will affect
current-year earnings.
Another lawsuit is now pending in Philadelphia, Pennsylvania. In 2009,
Muehlhan was awarded a USD 10 million contract to provide coatings for four
product tankers in Pennsylvania. After the first ship was completed, the
customer terminated the contract - in breach of contract, in Muehlhan's
view. As subsequent negotiations failed to resolve the dispute, Muehlhan
has now filed a lawsuit claiming outstanding receivables, plus lost
profits. The shipyard had just recently announced that it would have to lay
off a large number of its own employees due to a shortage of follow-up
orders, but that it intended to fire its subcontractors first.
About Muehlhan:
The Muehlhan Group is a global specialist in high-quality surface
protection and industrial services. Our four business segments - Ship
Newbuilding, Ship Repair, Oil & Gas Offshore and Industry Services - enable
us to provide a broad range of professional services to our maritime and
industrial markets. The excellent quality of our service, our high degree
of organization, our technical expertise and almost 130 years of experience
are what set us apart.
With our workforce of around 2,300 employees at 40 locations worldwide, we
generated sales revenues of EUR 190.8 million in 2009. In the years to
come, we will utilize our leadership position as a stable foundation for
further expanding our business.
Press contact: Ties Kaiser, Muehlhan AG, +49 40 75271-156; Email:
Kaiser@muehlhan.com
22.07.2010 Ad hoc announcement, Financial News and Press Release distributed by DGAP.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Muehlhan AG
Schlinckstrasse 3
21107 Hamburg
Deutschland
Phone: +49 40 75271 0
Fax: +49 40 75271 130
E-mail: investorrelations@muehlhan.com
Internet: www.muehlhan.com
ISIN: DE000A0KD0F7
WKN: A0KD0F
Listed: Freiverkehr in Berlin, München, Hamburg, Stuttgart; Entry
Standard in Frankfurt
End of News DGAP News-Service
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