Wilsonart Gets Favorable Ruling in Price Fixing Su
Glenview, IL, May 24, 2006--Illinois Tool Works Inc., said that a federal jury in New York rendered a favorable verdict for its Wilsonart International business as part of a consolidated class action lawsuit filed in June 2000 on behalf of purchasers of high-pressure laminate.
After a two-month trial, the jury unanimously rejected claims that Wilsonart participated in an alleged conspiracy with competitors to fix, raise, maintain or stabilize prices for high-pressure laminate between 1994 and 2000.
"We are very pleased with the verdict," said David B. Speer, ITW's chairman and chief executive officer. "We've maintained all along that Wilsonart never violated the law, and we have always believed that a jury would see these claims were without any basis." ITW had not recorded any reserves related to this case.
As a wholly owned subsidiary of ITW, Wilsonart International is a leading manufacturer of decorative surfacing products, including Wilsonart Laminate, Wilsonart Solid Surface and Wilsonart Flooring. Based in Temple, Texas, the company this year is celebrating 50 years in business. Wilsonart was acquired by ITW in 1999 as part of the Premark International, Inc. transaction.
