KARLSHAMN, Sweden--(BUSINESS WIRE)-- Regulatory News:
AAK AB (STO:AAK) has initiated an arbitration at ICC, International Court of Arbitration against the company Enzymotec Ltd with respect to certain disputed matters under the Shareholders’ Agreement entered into on 14 June 2007 regarding the joint venture company Advanced Lipids AB.
“We are generally very restrictive with taking legal actions and we would not normally comment publicly on a legal dispute unless formally obliged to do so. In this case we feel it is called upon due to the fact that Enzymotec has released information regarding the dispute. It has been and remains AAK’s preference to amicably reach a settlement with Enzymotec. As our attempts to do so have proven unsuccessful; AAK has referred the matter to arbitration. The relevant joint venture business represents only a minor part of the AAK Group as a whole, but the questions in dispute are in themselves of a fundamental character to the joint venture and thus important to resolve. We have with the assistance of legal counsel carefully reviewed our position and believe that our request is well-founded. The partners of the joint venture are in agreement that it will be business as usual during the arbitration process and that the dispute shall mean no disturbance for the customers; the strong customer focus will continue”, says Fredrik Nilsson, CFO, AAK Group.
AarhusKarlshamn (AAK) is one of the world’s leading producers of high value-added speciality vegetable oils and fats solutions. These oils and fats solutions are characterized by a high level of technological content and innovation. AAK`s solutions are used as substitute for butter-fat and cocoa butter, trans-free and low saturated solutions but also addressing other customer needs. AAK has production facilities in Denmark, Mexico, the Netherlands, Sweden, Great Britain, Uruguay and the US. Further AAK has also toll manufacturing operations in Russia and Malaysia. The company is organized in three Business Areas; Food Ingredients, Chocolate and Confectionery Fats and Technical Products & Feed. AAK’s shares are traded on the NASDAQ OMX, Stockholm, within the Large Cap segment. Further information on AAK can be found on the company’s website www.aak.com.
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