Zumtobel Group AG

Award in the lawsuit of LLEDÓ ILUMINACIÓN S.A. vs. Zumtobel Lighting GmbH

Business news for the stock market

Dornbirn (pta007/29.12.2016/12:55) - On December 27, 2016, an Arbitral Tribunal handed down its award in the lawsuit of LLEDÓ ILUMINACIÓN S.A. vs. Zumtobel Lighting GmbH in connection with the termination of the 2008 distributorship agreement.

As expected, the Tribunal granted the former Spanish distributor Lledó damages for Zumtobel's early termination of the agreement in the amount of EUR 933,681.30 (the respective provision currently amounts to EUR 1.3 million). However, the Tribunal also granted to Lledó a post-contractual indemnity of EUR 6.2 million, on the basis of a highly questionable legal argument, which naturally was not expected.

No promising legal recourse is possible against this arbitral award.

The liability in connection with this arbitral award will be booked as special effect and has no impact on Zumtobel Group's existing guidance with respect to the forecast for the adjusted Group EBIT for the 2016/17 financial year.

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emitter: Zumtobel Group AG
address: Höchster Straße 8, 6850 Dornbirn
country: Austria
contact person: Harald Albrecht
phone: [phone]
e-mail: [e-mail]
website: www.zumtobelgroup.com

ISIN(s): AT0000837307 (share)
stock exchanges: official trade in Vienna

[ source: http://www.pressetext.com/news/20161229007 ]