Insituform Technologies (INSU) Settles Per Aarsleff Lawsuit with $8.5 Million Payment
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Insituform Technologies, Inc. (Nasdaq: INSU) has settled its lawsuit against Per Aarsleff A/S, the Company's joint venture partner in Germany and the United Kingdom and a former licensee of the Insituform(R) CIPP process in Northern and Eastern Europe, Russia and South Africa, which proceeding was pending in Memphis, Tennessee. In connection with the settlement, Per Aarsleff will pay the Company $8.5 million in a lump sum in the next ten days.
In June 2005, the Company filed a lawsuit in the United States District Court for the Western District of Tennessee against Per Aarsleff A/S and certain of its subsidiaries and affiliates seeking, among other things, monetary damages for the breach by Per Aarsleff of its license and implied license agreements with the Company and for royalties owed by Per Aarsleff under the license and implied license agreements. Per Aarsleff had made counterclaims against the Company in the litigation as well. As a result of the settlement, each side has provided general releases to the other and neither side has admitted liability on any claims in this litigation.
Per Aarsleff remains a 50% partner in the Company's German joint venture and a 25% partner in the Company's manufacturing company in Great Britain.
Insituform Technologies, Inc. (Insituform Technologies) is a worldwide provider of technologies and services for rehabilitating sewer, water and other underground piping systems without digging or disruption. [SM]
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