BIO-RAD ANNOUNCES SETTLEMENT OF EMINENT DOMAIN ACTION
BIO-RAD ANNOUNCES SETTLEMENT OF EMINENT DOMAIN ACTION HERCULES, Calif., July 1 /PRNewswire/ -- Bio-Rad Laboratories Inc.
(AMEX: BIO.A) announced today that it has reached a settlement with the California Department of Transportation (CALTRANS) in connection with CALTRANS' eminent domain action which took a portion of the company's facilities in Richmond, Calif. Both parties agreed to the settlement prior to a trial which would have been the culmination of litigation which began in 1985 when Bio-Rad contested the amount offered in compensation for its facilities. In February 1991, the California Superior Court upheld certain legal grounds for Bio-Rad's claims for additional compensation.
The amount of the settlement is $23.5 million, which includes interest on the amount of agreed damages. The settlement will result in an after-tax gain of approximately $12 million which will be reported as Other Income by Bio-Rad in the second quarter of 1992. These amounts are in addition to the $6.7 million paid to Bio-Rad by CALTRANS in 1984. Bio-Rad's President, David Schwartz, stated, "The proceeds will provide Bio-Rad with partial compensation for funds previously expended as a result of the 1984 condemnation. While the settlement is not entirely satisfactory to Bio-Rad, it will avoid further costly litigation for both sides in this protracted dispute. Replenishment of these funds will permit the company to consider restructuring actions to return Bio-Rad to its former level of profitability." Bio-Rad Laboratories is a multinational manufacturer and distributor of life science research products, clinical diagnostics, and analytical instruments based in Hercules. -0- 7/1/92 /CONTACT James L. Viglienzone of Bio-Rad, 510-724-7000/ (BIO.A) CO: Bio-Rad Laboratories Inc. ST: California IN: MTC SU:
MM-MC -- SF001 -- 5477 07/01/92 08:03 EDT
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|Date:||Jul 1, 1992|
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