Additive manufacturing company Amaero International has announced the settlements of two disputes over its cancelled titanium powder production facility in Victoria.
In an ASX announcement issued Wednesday morning, the titanium powder producer said it will pay the sum of $415,000 to MTAA Superannuation Fund and JG Service in relation to the cancelled Victorian facility. The dispute has been resolved before any proceedings have been issued.
Amaero and its subsidiaries are also paying a total of $315,000 to settle a dispute with Air Liquide Limited in relation to a supply agreement for the facility, which was signed on 28 March 2022.
In November 2022, Amaero’s board allocated restructuring challenges that totalled $2.9 million, which included a reserve of approximately $1.2 million for potential settlement liabilities associated with the facility.
“The above settlement payments in the amount of $730,000 follow the recent settlement with AmPro whereby Amaero received a cash payment of $750,000,” the additive manufacturing company said.
“The Board considers these settlements to be in the best interests of shareholders,” the company added.
