ICI EXPLOSIVES USA INC. SETTLES TEXAS ACTION.DALLAS, TEXAS--(BUSINESS WIRE)--August 24, 1995--ICI Explosives USA Inc. announced today that it has reached agreement in principle with Thermex Energy Corporation for settlement of the lawsuit lawsuit: see procedure; tort. between the two companies in which judgment for $488 million was entered against ICI (language) ICI - An extensible, interpretated language by Tim Long with syntax similar to C. ICI adds high-level garbage-collected associative data structures, exception handling, sets, regular expressions, and dynamic arrays. Explosives USA Inc. earlier this month. The suit was brought in Wise County, Texas Wise County is a county located in the U.S. state of Texas. As of 2000, the population was 48,793. Its county seat is Decatur6. The county is named for Henry Alexander Wise, a U.S. Congressman from Virginia who supported Texas' annexation. alleging that Atlas Powder At´las pow´der 1. A blasting powder or dynamite composed of nitroglycerin, wood fiber, sodium nitrate, and magnesium carbonate. Co. (which had been acquired in May 1990) had employed anti- competitive business practices against Thermex during the 1980s. ICI Explosives USA continues to believe that the suit had no basis in law or in fact and that the judgment was both unreasonable and unwarranted. However, in order to appeal the judgment, the Company would have had to post a bond equal to the size of the award. "This was clearly beyond the company's financial capability," said E.I. Brawner, Chairman of ICI Explosives USA Inc. "In the end, the settlement option was selected because it will enable us to move forward with our business and devote our energies to serving the needs of our customers, suppliers and employees." As a result of these considerations, ICI Explosives USA Inc. has agreed to pay $36 million in full and final settlement of the litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. . CONTACT: Neal Mednick (214) 450-1246 |
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