FLSmidth, a Danish industrial conglomerate, has settled out of court a civil lawsuit in the Philippines by accepting to be paid $415,000 in compensation for damages.
The agreement was signed on July 5 between NextStage (formerly Pacemco Holdings Inc) and Pacific Cement Philippines Inc (PCPI) on one side and the FLSmidth companies FLS Automation A/S and Fuller International Inc (FII) on the other.
In their civil lawsuit, FLSA and FII sought damages for the Filipino firms’ failure to remit $568,433 including interest. The case is docketed and pending before the Makati Regional Trial Court Branch 134.
On August 29, 2006, plaintiffs and PCPI entered into a compromise agreement, which NextStage was not a party to. In February 2009, plaintiffs sought a motion of execution of the compromise agreement terms after PCPI failed to pay the principal amount due.
“To avoid further litigation, plaintiffs, PCPI and Nextstage agreed to enter into compromise and settlement agreement where PCPI will pay a settlement amount ($415,000), the parties agree to cause the dismissal of the case with prejudice and the parties will mutually release each other from further claims,” NextStage said.
The company was incorporated in 1964 as PCPI but turned into a holding company in June 2000, subsequently renaming itself Pacemco Holdings Inc. The following year, Pacemco was merged with its subsidiary NextStage, with the former as the surviving entity. Later its name was changed to NextStage.
NextStage is a holding company with interests in IT and business process outsourcing.