MacGregor to book US$11.67m costs in Q4 due to customer settlement agreement
MACGREGOR, a part of Cargotec, is to book EUR11 million (US$11.67 million) costs in its fourth quarter operating profit in 2015, after reaching a commercial settlement agreement with a customer related to a development project from 2011.
In spite of having a negative impact on MacGregor's result in the current quarter, the assessment presented by management is that this settlement is in the best interests of the business moving ahead, reported American Journal of Transportation (AJOT).
MacGregor and the customer have agreed to keep the details of the issue and settlement private.