EANS-Adhoc: Semperit AG Holding / Partial award against Siam Sempermed Corporation Ltd. (SSC) in arbitration proceedings regarding restoration of transpar...

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Joint Ventures/Cooperation/Collaboration 03.06.2016

As already reported, Semperit Group is involved in arbitration proceedings against its Thai joint venture partner, Sri Trang-Agro Industry Public Co Ltd. Group and the joint venture company Siam Sempermed Corporation Ltd. (SSC).

A partial award was rendered in the arbitration proceedings against SSC. The arbitral tribunal decided that SSC must comply with Semperit's request for the restoration of transparency, access to books of accounts, as well as to premises and factories.

In case SSC does not comply with this partial award, enforcement proceedings may become necessary.

About Semperit The publicly listed company Semperit AG Holding is an internationally-oriented group that develops, produces, and sells in more than 100 countries highly specialised rubber products for the medical and industrial sectors: examination and surgical gloves, hydraulic and industrial hoses, conveyor belts, escalator handrails, construction profiles, cable car rings, and products for railway superstructures. The headquarters of this long-standing Austrian company, which was founded in 1824, are located in Vienna. The Semperit Group employs more than 7,000 people worldwide, including close to 4,100 in Asia and more than 800 in Austria (Vienna and production site in Wimpassing, Lower Austria). The Group has 22 manufacturing facilities worldwide and numerous sales offices in Europe, Asia, Australia and America. In 2015 the group generated sales of EUR 915 million and an EBITDA of EUR 96 million.

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   June 03, 2016 13:56 ET (17:56 GMT)- - 01 56 PM EDT 06-03-16