STOCKHOLM, Sweden, June 24, 2004 (PRIMEZONE) -- Arbitration has been initiated between Pergo and the bankruptcy estate of Witex. This procedure is a consequence of the mutual claims in connection with the partnership agreement.
In 2000, Pergo and Witex entered a partnership agreement. Pergo terminated the agreement in 2002 claiming that Witex was in breach of the agreement on several issues.
In 2003, Pergo entered an agreement with HW Industries about acquiring Witex, but the acquisition was cancelled when Witex entered into bankruptcy later that same year.
Trelleborg 2004-06-24 Pergo AB Corporate Communications For further information, please contact: Staffan Soderqvist -- CFO, phone number +46 410 36 32 60 Asa Ruhr -- Communications manager, phone number +46 410 36 31 00
Previous press releases connected to Witex and its main shareholder HWI. Please refer to Pergo's homepage www.pergo.com:
2002-07-08 2002-11-12 2002-12-30 2003-01-28 2003-02-20 2003-03-05 2003-04-09 2003-05-20 2003-05-26 2003-06-16
Pergo is a laminate flooring company with leading market positions, particularly in Europe and the US. Net sales amounted to MSEK 2,799 (3,194) in full-year 2003 and the number of employees was 795 (784) as at December 31, 2003. Pergo developed laminate flooring at the end of the 1970s and launched the product in Europe during the 1980s. The company started sales in the US in 1994 and, to a smaller degree, in Asia in 1995 and Latin America in 1997. The company's products have been marketed under the Pergo(R) brand name since 1989. The company is listed on the Stockholm Stock Exchange. For further information about Pergo, please visit our homepage www.pergo.com.
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