DXPE and Circo reach settlement
DXP Enterprises and Circo Enterprises announced an "amicable settlement" to 2011 lawsuits related to DXPE's acquisition of Precision Industries.
Terms of the agreement were not disclosed. According to a statement signed by both parties, "DXP and Circo Enterprises have reached an amicable settlement to their differences. All litigation has been dismissed. DXP will continue to retain a business relationship with Circo Enterprises and remain in a significant number of properties owned by Circo Enterprises or affiliates."
The lawsuit concerned the value of inventories held by Precision Industries at the time of its acquisition in 2007 and the amount of money held in reserve to cover the value of obsolete, excess, damaged, slow-moving or other unusable inventory.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
