Pfleiderer in out-of-court settlement

Pfleiderer has reached an out-of-court settlement in a dispute relating to its purchase of Kunz’s engineered wood activities.

Pfleiderer bought the business in 2005 but a dispute arose with Kunz Holding GmbH & Co and other sellers of the Kunz Engineered Wood Group in relation to the purchase agreement.

The agreement provided for a second purchase installment of €23.8m, but a reduced payment by Pfleiderer to Kunz Holding of €11.25 was agreed in a settlement.

The purchase of Kunz’s engineered wood activities gave Pfleiderer three additional wood panel production facilities in Europe.