Final Arbitration Award Supports Agfa-Gevaert's Strategic Path
Final Arbitration Award between Agfa-Gevaert and AgfaPhoto GmbH
In a significant decision, an Arbitral Tribunal operating under the International Chamber of Commerce (ICC) has concluded an arbitration between Agfa-Gevaert and the insolvency receiver of AgfaPhoto GmbH. This award could carry material implications for Agfa-Gevaert, providing reassurance as the company progresses with its strategic growth initiatives.
Details of the Arbitration Proceedings
The tribunal decisively dismissed all claims put forth by the insolvency receiver of AgfaPhoto GmbH. These claims centered on an alleged undercapitalization of AgfaPhoto GmbH linked to the 2004 carve-out and transfer of Agfa-Gevaert's consumer imaging business to AgfaPhoto GmbH. The panel ordered the insolvency entity to pay approximately 38 million euros, plus interest, in arbitration costs to Agfa-Gevaert. This ruling highlights the tribunal's recognition of Agfa-Gevaert's position in the matter.
Implications of the Award for Agfa-Gevaert
This arbitration outcome is pivotal for Agfa-Gevaert, as it not only boosts the company's financial standing but also reinforces its plans for expansion and innovation in various sectors, including healthcare and industrial applications. Agfa feels optimistic about moving forward and tackling new opportunities as part of its growth strategy.
Future Actions Following the Award
While the insolvency receiver may request a review of the award in a German court, Agfa does not foresee any issues arising from such actions. The company remains confident in the tribunal's decision and in its strategic direction moving forward.
Overview of Agfa-Gevaert Group
The Agfa-Gevaert Group has an impressive legacy of nearly 160 years in imaging technology. Specializing in both analog and digital systems, Agfa caters to diverse markets, including healthcare, printing, and industrial applications such as green hydrogen technology. With a reported turnover of approximately 1,138 million euros in recent years, Agfa continues to innovate and expand its influence in various sectors.
Contact Information for Agfa-Gevaert
For more information, please reach out to:
Viviane Dictus
Director Corporate Communications
Phone: +32 0 3 444 7124
Email: viviane.dictus@agfa.com
Frequently Asked Questions
What was the outcome of the arbitration involving Agfa-Gevaert?
The Arbitral Tribunal ruled in favor of Agfa-Gevaert, dismissing all claims against it and ordering payments from the insolvency receiver.
How much was Agfa-Gevaert awarded in the arbitration?
Agfa-Gevaert was awarded approximately 38 million euros plus interest for arbitration costs.
What is the significance of this arbitration for Agfa-Gevaert?
This decision bolsters Agfa-Gevaert's financial stability and supports its ongoing growth strategy in the market.
Can the insolvency receiver challenge the arbitration award?
Yes, the insolvency receiver may request a review of the award by a German court within a specified timeframe.
What sectors does Agfa-Gevaert operate in?
Agfa operates in various sectors including healthcare, printing, and green hydrogen industrial applications, showcasing its versatility and innovation.
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