TCIX awarded $23M and its current market cap only $7M.
(REUTERS) Total Containment says awarded $23 million
Total Containment says awarded $23 million
NEW YORK, Nov 17 (Reuters) - Total Containment Inc.
<TCIX.O>, a maker of pipes and underground systems for
transferring petroleum, said on Friday a Pennsylvania jury has
awarded it $23 million stemming from a lawsuit against Dayco
Products Inc.
Total Containment alleged that Dayco provided faulty piping
products. The jury also awarded Dayco $3.7 million in damages
relating to the company's counter-suit for breach of contract
for outstanding accounts receivable from Total Containment.
Oaks, Pa.-based Total Containment said it believes the jury
was confused regarding the claims made by Dayco and it is
pursuing clarification from the court.
Total Containment said it installed piping in 4,000 sites
around the world that contained the defective parts. The pipes,
made before 1994, were susceptible to fungus attacks that
degrade the pipe's outer layer, Total Containment said. The
company said Friday its replacement program for the defective
piping is 70-75 percent complete.
Shares of Total Containment were halted at 1-5/32 in Friday
afternoon trading.
(( -- Jed Seltzer, New York Newsroom, 212-859-1700 ))
REUTERS
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