ASSA ABLOY: Jury in Texas in favour of claim for damages against VingCard in relation to former supplier

17 Nov 1999

 
VingCard terminated the contract as a result of continued bad quality performance by the supplier over a long period of time.
 
According to the jury, VingCard should be obliged to pay damages in the size of USD 12.5 million.
 
The litigation is not yet finalised and it remains for the judge of the court to take a final decision on the case within the next three weeks.
 
The legal counsel of VingCard in Texas has all the time been and is still believing in VingCard's position that no breach of contract has been committed by VingCard and that no damages should become legally payable.
 
Should the judge nevertheless rule in accordance with the jury, VingCard will consequently file an appeal to the Texas Court of Appeal.
 
 
                       
 
For further information, please contact
Carl-Henric Svanberg, President & CEO, tel: +46-8-506 48552 alt. +46-8-510 0551,
Göran Jansson, CFO, tel. +46-8-506 485 72 alt. +46-70-698 8572, or
Mikael Ekdahl,  attorney and secretary of the Board of ASSA ABLOY AB, tel. +46-70-977 7203
 
 
ASSA ABLOY AB (publ)
P.O. Box 70340, S-107 23 Stockholm
Tel: Int+46-8-506 485 000, Fax: Int +46-8-506 485 85
Visiting address: Klarabergsviadukten 90
 
www.assaabloy.se
 
___________
 
 
The ASSA ABLOY Group is the world's leading manufacturer and supplier of locks and associated products,
dedicated to satisfying end-user needs for security, safety and convenience. In 1999 the Group
will report sales exceeding SEK 10 billion and has about 12,000 employees.