Inchcape PLC
26 September 2002
26 September 2002
Inchcape announces Intertek agreement
Inchcape plc, the international automotive services group, today announces that
it has reached an agreement with Intertek Testing Services (ITS) in relation to
claims arising from the sale of Inchcape Testing Services in 1996.
Under this agreement Inchcape has paid ITS £14.7m* (US$22.75m) in full and final
settlement of all claims, including any that may arise in the future.
This payment has been fully provided for in prior years and reported earnings
will not be adversely affected by this settlement.
*Assumes US$1.55 = £1.00
Note to Editors
Certain claims had been notified by ITS against Inchcape under warranties given
in connection with the sale of Inchcape Testing Services in 1996. The principal
source of those claims arose from the US Environmental Protection Agency's
investigation into discrepancies that were identified in certain tests carried
out at an ITS facility in the USA. That investigation resulted in criminal and
civil actions against ITS Environmental, an ITS subsidiary. Those actions have
now been settled with the governmental authorities.
Inchcape, as an international automotive services group, provides quality
representation for its manufacturer partners, a choice of channels to market and
products for its retail customers and a range of business services for its
corporate customers. Operating primarily in the UK, Greece, Belgium, Australia,
Hong Kong and Singapore, its key partners are Toyota, Subaru, Ferrari, Jaguar
and Land Rover. Inchcape's activities include exclusive Import, Distribution and
Retail, Business Services, automotive E-commerce and Financial Services.
For further enquiries, please contact:
Group Communications, Inchcape plc 020 7546 0022
John Olsen/Tom Leatherbarrow, Hogarth Partnership Limited 020 7357 9477
For further information, visit us at www.inchcape.com
This information is provided by RNS
The company news service from the London Stock Exchange
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