Ad-hoc release – Krones sees possibility of resolving US proceedings
The US company of the Krones Group, Krones Inc. in Franklin/Wisconsin (USA), and Krones AG, Neutraubling, Germany, see a possibility of resolving the legal disputes running in the US since October 2008 within the framework of the ongoing settlement talks. The subject-matter relates to proceedings involving various parties in the US.
The proceedings related to the financial scandal involving the bankruptcy of the US company Le-Nature’s, whose senior management have meanwhile been convicted and sentenced for fraud. During the period 2005/2006, Krones had produced, delivered and successfully commissioned filling lines for Le-Nature’s facility in Phoenix/Arizona (USA).
In view of how the settlement talks have proceeded, and against the background of possible risks arising from proceedings in the US, Krones finds it prudent to increase the existing provision by USD 53 million in the 2012 business year. As things stand at present, Krones sees good chances for concluding the settlement negotiations on this basis within a reasonable time frame.
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Olaf Scholz