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MarketScreener Homepage  >  Equities  >  Euronext Bruxelles  >  Tessenderlo Group    TESB   BE0003555639

TESSENDERLO GROUP (TESB)
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Tessenderlo : Kerley, Inc. And Precision Laboratories, LLC Settle Trademark Infringement Litigation

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01/11/2019 | 04:34pm EST

​Phoenix, AZ - January 11, 2019 - Tessenderlo Kerley, Inc., part of Tessenderlo Group (EBR: TESB) reached a settlement with Precision Laboratories, LLC (Precision) for trademark infringement claims against Precision pertaining to the registered name of one of its Crop Vitality® liquid fertilizer products, N-Sure® slow release nitrogen which provides superior coverage and nitrogen absorption for crops. N-Sureis one of several liquid fertilizer products manufactured and sold by Tessenderlo Kerley Inc. Crop Vitality business unit, the world's premier producer of sulfur-based crop nutrients.

As part of the settlement, Waukegan, Illinois-based Precision will not use the term 'Ensure' or any phonetic or visual equivalent of the term 'N-Sure' to name or trademark any Precision agricultural adjuvant or other product.

The lawsuit filed on September 19, 2018 in U.S. District Court for the District of Arizona by Tessenderlo Kerley, Inc. alleged trademark infringement, unfair competition, false advertising and related claims regarding Precision's use of the product names Ensure, Ensure Max, Ensure Elite and Ensure Xtra. Precision has been marketing and advertising the Ensure product line as an adjuvant for agricultural use.

As part of the settlement agreement, Precision must sell off its remaining Ensure-labeled inventory to retailers and distributors before June 30, 2019. Sales of any product labeled Ensure to end users must cease on August 31, 2019.

About Crop Vitality

Crop Vitality (www.cropvitality.com) is the world's largest and leading producer of sulfur-based liquid plant nutrition products for the agriculture industry. Crop Vitality also produces solid and soluble fertilizer products. Known globally for its specialized crop and soil nutrients, Crop Vitality is committed to nurture crop life through innovation, research and development of sustainable and nutrient-filled fertilizers. Crop Vitality is part of Tessenderlo Group.

About Tessenderlo Kerley, Inc.

With headquarters in Phoenix, Arizona, Tessenderlo Kerley, Inc. (www.tkinet.com) produces and markets specialty chemical and service solutions, including fertilizers, crop protection and process chemicals and services to global markets. Tessenderlo Kerley, Inc. operates 11 manufacturing plants and maintains an extensive terminal network in North America.

About Tessenderlo Group

Tessenderlo Group (www.tessenderlo.com) is a diversified industrial group that focuses on agriculture, valorizing bio-residuals and providing industrial solutions. The group employs approximately 4,500 people, is a leader in most of its markets and recorded a consolidated revenue of 1.7 billion EUR in 2017. Tessenderlo Group is listed on Euronext Brussels and is part of Next 150 and BEL Mid indices. Financial News wires: Bloomberg: TESB BB - Reuters: TESB.BR - Datastream: B:Tes.

Disclaimer

Tessenderlo Group NV published this content on 11 January 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 11 January 2019 21:33:04 UTC

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Financials (€)
Sales 2018 1 627 M
EBIT 2018 118 M
Net income 2018 76,5 M
Debt 2018 313 M
Yield 2018 -
P/E ratio 2018 14,00
P/E ratio 2019 11,12
EV / Sales 2018 0,99x
EV / Sales 2019 0,87x
Capitalization 1 305 M
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Mean consensus OUTPERFORM
Number of Analysts 5
Average target price 40,6 €
Spread / Average Target 34%
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Managers
NameTitle
Luc Tack Chief Executive Officer & Executive Director
Stefaan Arthur Haspeslagh Chairman & Chief Financial Officer
Karel Vinck Non-Executive Director
Philippe Marie Louis Coens Independent Non-Executive Director
Veerle Deprez Independent Non-Executive Director
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