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11-16-2012

Krones: Settlements of Le-Nature’s Legal Proceedings

Krones Inc., Franklin, Wisconsin, and Krones AG, a manufacturer of filling and packaging technology based in Neutraubling, Germany, have entered into settlements with various parties to end all significant legal disputes related to the bankruptcy of Le-Nature’s Inc. in 2006.

Krones has entered into the settlements to eliminate the continued uncertainty and risk associated with the U.S. legal proceedings and to allow the company to limit the time, distractions, and expense created by those proceedings. The settlements include payments of approximately USD 110 million to various private parties and the trustee representing creditors in Le-Nature’s bankruptcy proceedings, as well as a payment by Krones Inc. of USD 15 million to the U.S. government. Krones denies having knowingly participated in Le-Nature’s fraudulent activities in any way, and admits no fault or misconduct in its dealings with Le-Nature’s. In the course of doing business, Krones was manipulated by Le-Nature’s and subjected to fraudulent and unethical activities.

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