MacGregor, a Finland-based provider of offshore vessel equipment, has reached a settlement agreement which will cost it eleven million euros.
According to Cargotec, MacGregor’s parent company, the settlement has been reached with a customer related to a development project from 2011. The company did not name the client, nor the project involved.
“Cargotec will book EUR 11 million costs in MacGregor’s fourth quarter operating profit in 2015 to cover the costs of the settlement. Whilst having a clear negative impact on MacGregor result in the current quarter, management assessment is that this settlement is in the best interests of the business going forward,” Cargotec said in a statement.
The parent company said that MacGregor and the customer have agreed not to disclose further details on the issue nor on the settlement.
Cargotec added that the settlement had no impact on Cargotec’s full-year guidance, which remains unchanged.