EANS-News: ANDRITZ AG Statement on press release by Ovalstrapping Inc.
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Company Information
Graz (euro adhoc) - Graz, October 19, 2011. International technology Group
ANDRITZ takes the following position in reply to a press release issued by the
supplier Ovalstrapping Inc., in which Ovalstrapping purports to inform about a
litigation initiated against ANDRITZ:
- ANDRITZ believes that the allegations are unjustified, and ANDRITZ in fact had
already initiated arbitration to seek clarification of these issues, as ANDRITZ
is required to do under its contract with Ovalstrapping. Following this action
by ANDRITZ, the supplier initiated a lawsuit against ANDRITZ at a local US
court, apparently in order to avoid the arbitration sought by ANDRITZ and
required under its contract. ANDRITZ believes that the matter will be clarified
in arbitration. In particular, this small supplier no longer had exclusive
rights for at least three years, and ANDRITZ has replaced the products of the
supplier with different technology.
- ANDRITZ is investigating the supplier´s press release, which from the point of
view of ANDRITZ is misleading, to determine whether the press release has caused
damage and whether it needs to take further actions against the supplier.
- End -
The ANDRITZ GROUP
The ANDRITZ GROUP is a globally leading supplier of plants and services for the
hydropower, pulp and paper, metals, and other specialized industries
(solid/liquid separation, feed, and biofuel). The Group is headquartered in
Graz, Austria, and has a staff of approximately 16,100 employees worldwide.
ANDRITZ operates over 180 production sites, service, and sales companies all
around the world.
Further inquiry note:
Dr. Michael Buchbauer
Head of Group Treasury, Corporate Communications & Investor Relations
Tel.: +43 316 6902 2979
Fax: +43 316 6902 465
mailto:michael.buchbauer@andritz.com
end of announcement euro adhoc
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company: Andritz AG
Stattegger Straße 18
A-8045 Graz
phone: +43 (0)316 6902-0
FAX: +43 (0)316 6902-415
mail: welcome@andritz.com
WWW: www.andritz.com
sector: Machine Manufacturing
ISIN: AT0000730007
indexes: WBI, ATX Prime, ATX, ATX five
stockmarkets: official market: Wien
language: English