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Letter to the Editor
Wednesday January 2
Snap-On Loses $44 Million Patent Case
KENOSHA, Wis. -- Tool maker Snap-On Inc. has lost a $44 million arbitrator's decision to industrial products and services company SPX Corp. in a case that involved alleged patent infringement and the hiring of an executive.
Kenosha, Wisconsin-based Snap-On said it would take a charge of $27.9 million, or 48 cents a share, in the fourth quarter for the after-tax cost of the ruling.
The ruling relates to a complaint that Snap-On filed in April 1996 against SPX alleging infringement of certain Snap-On patents for engine analyzers and asserting claims relating to SPX's hiring of the former president of Sun Electric, which was acquired by Snap-On in 1992.
SPX filed a counterclaim alleging infringement of certain SPX patents, Snap-On said.
"We are disappointed by the arbitrator's decision, but this brings the long-standing matter to a conclusion,'' Susan Marrinan, Snap-On vice president and general counsel, said in a news release.
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