Monday December 24, 2012 0 comments
ENGLEWOOD - Arrow Electronics Inc. (NYSE: ARW) has entered into a settlement agreement with E.ON SE (EOAN: GR) and VEBA Electronics LLC relating to disputes originating from Arrow's acquisition of Wyle Electronics from the VEBA Group in August 2000, Arrow announced.
Under the agreement, E.ON will pay Arrow an aggregate amount of $110 million, the company said.
The agreement provides the final and irrevocable settlement between the companies on all present and future claims rising out of the Wyle acquisition and the dismissal of all litigation between the three companies.
Arrow said it believes the settlement, together with any insurance recoveries, will be sufficient to cover any potential future costs relating to environmental cleanup activities and any other claims related to environmental matters arising from the Wyle acquisition.
Arrow Electronics is a global provider of products and services to industrial and commercial users of electronic components and enterprise computing solutions.
For more information, visit www.arrow.com.