STOCKHOLM, Sweden, May 19, 2004 (PRIMEZONE) -- (ELUX) Electrolux and the plaintiff John North have reached a settlement agreement in the vacuum cleaner trade secrets case regarding certain upright, cyclonic vacuum cleaners. As a result, the case will not be decided by a jury in El Paso, Texas, USA and the matter is concluded.
Per the agreement, Electrolux will pay the plaintiff USD 30M and the plaintiff has agreed to drop all claims, including future claims, in the matter. No further details of the settlement are available.
Electrolux entered into the settlement because it brought the matter to an end with a known outcome rather than the uncertainty of a jury decision. The Group maintains that there is no merit to the charges.
Further information
The Electrolux Press Hotline is available at +46 8 657 65 07.
The Electrolux Group is the world's largest producer of powered appliances for kitchen, cleaning and outdoor use, such as refrigerators, washing machines, cookers, vacuum cleaners, chainsaws, lawn mowers and garden tractors. Every year, customers in more than 150 countries buy more than 55 million Electrolux Group products for both consumer and professional use sold under famous brands such as AEG, Electrolux, Zanussi, Frigidaire, Eureka and Husqvarna. In 2003, Electrolux had sales of SEK 124 billion and 77,000 employees.
For cancellation of or changes to this fax distribution service, please return this document, with your name, company, and fax number, stating what you want to change, to fax no +46 8 738 74 61.
This information was brought to you by Waymaker http://www.waymaker.net
The following files are available for download:
http://www.waymaker.net/bitonline/2004/05/19/20040519BIT00020/wkr0001.doc
http://www.waymaker.net/bitonline/2004/05/19/20040519BIT00020/wkr0002.pdf