Molex Announces Settlement of Litigation with Mizuho Bank
15 Febrero 2013 - 7:00AM
Business Wire
Molex Incorporated (NASDAQ: MOLX and MOLXA), a global electronic
components company, announced today that it has settled litigation
with Mizuho Bank, which commenced in Tokyo District Court in August
2010, regarding previously reported unauthorized loans. The charge
for the quarter ending March 31, 2013 related to this settlement is
expected to approximate between $21 - 23 million before tax based
on current foreign exchange rates.
Under the terms of the settlement agreement, Molex agreed to pay
Mizuho ¥17 billion ($183 million based on current foreign exchange
rates) and Mizuho agreed to dismiss the district court proceedings
and release approximately $4.6 million (based on current foreign
exchange rates) that the bank has held since 2010. In addition,
Mizuho agreed to release Molex from any future claims relating to
the unauthorized loans and provisional attachments.
“We believe that continuing protracted and costly litigation
with an uncertain outcome is not in our best interests," commented
Martin P. Slark, Vice Chairman and Chief Executive Officer of
Molex. “This settlement, by eliminating that cost and uncertainty,
allows us to focus on executing our business strategy.”
As of December 31, 2012, Molex had an accrued liability of
$170.7 million and disclosed a contingent liability of $66.2
million with respect to the unauthorized loans.
Forward-Looking
Statements
Statements in this release that are not historical are
forward-looking and are subject to various risks and uncertainties
that could cause actual results to vary materially from those
stated. Words such as “expect,” “anticipate,” “outlook,”
“forecast,” “could,” “project,” “intend,” “plan,” “continue,”
“believe,” “seek,” “estimate,” “should,” “may,” “assume,”
“potential,” variations of such words and similar expressions are
used to identify these forward-looking statements. Forward-looking
statements are based on currently available information and
include, among others, the discussion under “Outlook.” These
statements are not guarantees of future performance and involve
certain risks, uncertainties and assumptions that are difficult to
predict. Respective risks, uncertainties, and assumptions that
could affect the outcome or results of operations are described in
Part 1, Item 1A of our Annual Report on Form 10-K for the year
ended June 30, 2012, and the Form 10-Q for the quarters ended
September 30, 2012 and December 31, 2012, which are incorporated by
reference and in other reports that Molex files or furnishes with
the Securities and Exchange Commission.
We have based our forward-looking statements on our management’s
beliefs and assumptions based on information available to
management at the time the statements are made. We caution you that
actual outcomes and results may differ materially from what is
expressed, implied, or forecast by our forward-looking statements.
Reference is made in particular to forward-looking statements
regarding growth strategies, industry trends, global economic
conditions, success of customers, cost of raw materials, value of
inventory, availability of credit, foreign currency exchange rates,
labor costs, protection of intellectual property, cost reduction
initiatives, acquisition synergies, manufacturing strategies,
product development introduction and sales, regulatory changes,
competitive strengths, income tax fluctuations, natural disasters,
unauthorized access to data, government investigations and outcomes
of legal proceedings. Except as required under the federal
securities laws, we do not have any intention or obligation to
update publicly any forward-looking statements after the
distribution of this report, whether as a result of new
information, future events, changes in assumptions, or
otherwise.
Molex Incorporated is a 74-year-old global manufacturer of
electronic, electrical and fiber optic interconnection systems.
Based in Lisle, Illinois, USA, the Company operates 41
manufacturing locations in 15 countries. The Molex website is
www.molex.com.
Editor’s note: Molex is traded on the NASDAQ Global Select
Market (MOLX and MOLXA) in the United States and on the London
Stock Exchange. The Company’s voting common stock (MOLX) is
included in the S&P 500 Index.
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