PartnerTech Contests Suit

Furnco Future Technologies AB (FuTechs) has filed a suit against PartnerTech and two of its employees, both of whom previously worked for FuTechs. FuTechs alleges that PartnerTech took advantage of trade secrets to which it obtained access when FuTechs was to be divested. FuTechs also claims that PartnerTech took advantage of trade secrets that it obtained when hiring the two employees. FuTechs is requesting damages of 25 million Swedish kronor. In view of the suit, PartnerTech is releasing the following facts. Neither PartnerTech nor Skanditek, its principal shareholder, has received any confidential information from FuTechs. The information that was released was either available from FuTechs’s web site or consisted of a simple list of customers. The list was released to all parties that had exhibited interest in acquiring FuTechs. The business relationship between the companies arose when the electronics firm in question decided on its own to place orders with PartnerTech. Nevertheless, FuTech's suit concerns that relationship. PartnerTech’s business model stresses the importance of being in the vanguard with respect to both electronics and mechanics. The company is always working to expand its offering and improve its expertise. Microelectronics is a key technology in that effort. As a result, PartnerTech invests in new equipment and employees in that area. In that connection, the two former employees of FuTechs applied for and obtained jobs at PartnerTech. PartnerTech contests the accusations by FuTechs and takes the view that they are groundless. PartnerTech deeply regrets that individual employees of the company have been affected by the suit.