This final approval by Centerpulse follows District Court Judge Kathleen O’Malley’s ruling three weeks ago that the settlement is fair, appropriate and reasonable. Sulzer Ltd as party to the settlement agreement therefore carries no further financial risks since Centerpulse had expressly agreed to indemnify and hold Sulzer harmless for all remaining risks such as but not limited the risks relating to the opt-outs.
The contribution offered by Sulzer Ltd to this settlement agreement (USD 50 million plus 480,000 Centerpulse shares) will shortly be transferred to an escrow account.
In the opinion of Sulzer CEO Fred Kindle: “I am delighted that with final approval of this settlement agreement, the problem is no longer an issue for Sulzer Ltd. Now we can concentrate fully on our core businesses again and shape our corporate future without further hindrance. This is the moment our management, employees, and investors have been waiting for.”
The Sulzer Corporation is comprised of the four core divisions Sulzer Metco (coating technologies and services), Sulzer Turbomachinery Services, Sulzer Pumps (including services), Sulzer Chemtech (process components and services) and the venture division Sulzer Hexis (fuel cell systems). Sales by the core divisions in 2001 totaled CHF 1875 million (in 2000: CHF 1603 million). The realigned Sulzer Corporation now employs about 10 000 people worldwide. |