Skellerup pays 'net' $1.58 mln to settle suit over pipe seals

Wed, 25 Jun 2014

By Jonathan Underhill June 25 (BusinessDesk) - Skellerup Holdings said it has settled an historic claim with Marley New Zealand over faulty seals supplied for irrigation systems, with a net after-tax impact on the rubber goods and farm equipment of $1.58 million. The company said it doesn't admit liability in the settlement but had opted to avoid costs of a High Court trial. The cost of the settlement would be shaved off previous guidance of $22 million to $24 million this year, excluding the impact of insurance proceeds in March and e...

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