NTN: Notice in relation to the final award of the arbitration

Resource from: NTN-SNR ROULEMENTS Likes:230

Nov 13,2015

NTN-SNR ROULEMENTS (hereinafter referred to as “NTN-SNR”), the consolidated subsidiary of NTN Corporation, received the final award from Arbitration Institute of the Stockholm Chamber of Commerce (the Arbitral Tribunal) in relation to the arbitration proceeding regarding the problem of the bearings between NTN-SNR and Volvo Powertrain AB of Europe on 9th November, 2015, and please be informed as follows: 1. History of the Filing of the Arbitration Proceeding NTN-SNR, on November 2012, was claimed that the bearings supplied by NTN-SNR did not comply with the specifications and caused damages, and a request for arbitration by Volvo Powertrain AB was filed against NTN-SNR. Although NTN-SNR has been alleging that the bearings comply with specification and did not have any problem, it is very regrettable that NTN-SNR’s allegations are not accepted. 2. Contents of the Final Award NTN-SNR, on November 9, 2015, received the final award from the Arbitral Tribunal that accepts the Volvo Powertrain AB’s allegations and orders NTN-SNR to compensate for the damages as those occurring on and before May 31, 2014, etc., in the amount of approximately 94.2million US dollars (approximately 11.6 billion yen, at a rate of 123 yen per US dollar), as well as for the damages not yet assessed. 3. Outlook for the Future The effect of the final award on the prospect of the consolidated results of NTN Corporation is now under investigation, and will be made public as soon as confirmation is completed.

(NTN-SNR ROULEMENTS)

【CBCC News Statement】
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.

Add to My Favorites

[Close the window]

Previous Dana Collaborates with Manitou on MLT960 Eco-Booster Telehandler Concept Featuring Spicer® PowerBoost® Hydraulic-Hybrid Powertrain Technology
Next Split spherical roller bearings cut maintenance costs of vehicle bodywork washer plant

BRIEF INTRODUCTION

Cnbearing is the No.1 bearing inquiry system and information service in China, dedicated to helping all bearing users and sellers throughout the world.

Cnbearing is supported by China National Bearing Industry Association, whose operation online is charged by China Bearing Unisun Tech. Co., Ltd.

China Bearing Unisun Tech. Co., Ltd owns all the rights. Since 2000, over 3,000 companies have been registered and enjoyed the company' s complete skillful service, which ranking many aspects in bearing industry at home and abroad with the most authority practical devices in China.