ASSA ABLOY: Jury in Texas in favour of claim for damages against VingCard in relation to former supplier

 
VingCard terminated the contract as a result of continued bad quality performance by the supplier over a long period of time.
 
According to the jury, VingCard should be obliged to pay damages in the size of USD 12.5 million.
 
The litigation is not yet finalised and it remains for the judge of the court to take a final decision on the case within the next three weeks.
 
The legal counsel of VingCard in Texas has all the time been and is still believing in VingCard's position that no breach of contract has been committed by VingCard and that no damages should become legally payable.
 
Should the judge nevertheless rule in accordance with the jury, VingCard will consequently file an appeal to the Texas Court of Appeal.
 
 
                       
 
For further information, please contact
Carl-Henric Svanberg, President & CEO, tel: +46-8-506 48552 alt. +46-8-510 0551,
Göran Jansson, CFO, tel. +46-8-506 485 72 alt. +46-70-698 8572, or
Mikael Ekdahl,  attorney and secretary of the Board of ASSA ABLOY AB, tel. +46-70-977 7203
 
 
ASSA ABLOY AB (publ)
P.O. Box 70340, S-107 23 Stockholm
Tel: Int+46-8-506 485 000, Fax: Int +46-8-506 485 85
Visiting address: Klarabergsviadukten 90
 
 
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The ASSA ABLOY Group is the world's leading manufacturer and supplier of locks and associated products,
dedicated to satisfying end-user needs for security, safety and convenience. In 1999 the Group
will report sales exceeding SEK 10 billion and has about 12,000 employees.

About Us

ASSA ABLOY is the global leader in door opening solutions and offers mecahnical and electromechanical locks, digital door locks, security doors, entrance automation, hotel security and secure identity solutions, primarily in identity and access management, as well as a number of other related products and services. Since its formation in 1994, ASSA ABLOY has grown from a regional company into an international Group with some 47,500 employees operating in more than 70 countries and sales of SEK 76 billion.

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