Intertek Testing Services PLC
26 September 2002
INTERTEK TESTING SERVICES plc ('ITS')
GLOBAL SETTLEMENT OF CLAIMS
WITH INCHCAPE plc ('Inchcape')
ITS announces today that it has reached agreement with Inchcape to settle claims
made in connection with the Sale & Purchase Agreement dated 6th November 1996
between ITS and Inchcape under which the ITS business was purchased from
Inchcape (the 'Agreement').
Inchcape has agreed to pay ITS the sum of US$22.75 million in cash which will
settle fully and finally all claims that have arisen to date or that may arise
in the future.
Notes to Editors
The claims that are now being settled 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 some testing carried out in one of the
ITS Environmental facilities in the USA. That investigation resulted in criminal
and civil actions against ITS Environmental which have been fully settled with
the EPA and the US government. The ITS Environmental business was sold in 1998.
ITS is a leading international testing, inspection and certification
organisation which assesses the products and commodities bought or sold by its
customers against a wide range of safety, regulatory, quality and performance
standards.
For further enquiries, please contact:
Aston Swift, Group Treasurer & Investor Relations 020 7396 3400
Katie Macdonald-Smith, Tulchan Communications 020 7353 4200
For further information, visit our web site at www.itsglobal.com
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The company news service from the London Stock Exchange
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