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Press and News

Ad-hoc press release

Krones in mediation with American finance companies

The US company of the Krones Group, Krones Inc., Franklin/Wisconsin (USA), and Krones AG, Neutraubling (Germany) have taken a first step towards resolving the legal disputes that have been ongoing since October 2008, triggered by claims for damages by several American financial service providers, a group of  hedge funds and a liquidation trustee.

The lawsuits are related to the financial scandal involving the bankruptcy of the US company Le-Nature´s, whose former directors have meanwhile been convicted of fraud. In 2005/2006, Krones produced, delivered and successfully commissioned filling lines representing a contract volume of approximately 100 million US-dollars for the Le-Nature’s facility in Phoenix/Arizona (USA).

Several plaintiffs have entered into a mediation process with Krones, to explore options for ending the proceedings. Although in Krones’ view the opposing parties’ demands are unfounded, Krones’ US attorneys have advised to continue mediation, also with regard to the special risks entailed by the American legal system.

Initial assessments from the mediation process indicate that the possibility cannot be ruled out that potential settlements developing from the mediation could have an adverse effect on the Krones Group’s profit situation, quantified as a low-to-medium double-figure million US-dollar amount.

 

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25.01.1900 00:14:24

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Press office

Danuta Kessler-Zieroth

Danuta Kessler-Zieroth

Press Officer

Krones AG
Böhmerwaldstraße 5
93073 Neutraubling
Germany

Phone +49 9401 70-2222
Fax +49 9401 70-3496
E-mail

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