Wednesday, 30 October 2013 06:29

The court proceedings related to the customs procedures by Vacon's subsidiary in China to conclusion

Written by 
Rate this item
(0 votes)

vacon logoVacon has received a final judgment in a court case in China related to the import of components with the wrong customs tariff classification.

The superior court has ordered Vacon to pay compensations totaling appr. EUR 6.3 million. The compensations consist of unpaid customs duties and the already imposed penalty. The court also confirmed the customs tariff to be 10 per cent for the components in question.

Vacon has already made provisions for the court case in China in its financial statements for 2010 and 2011 and thus, the compensations do not have a material impact on Vacon's results. Vacon has already during the appeal process applied 10 per cent customs tariff in its operations although the court of first instance ruled in December 2011 that the customs tariff is 8 per cent. Otherwise, as regards Vacon, the judgment received now is in all material aspects similar to the judgment by the court of first instance.  

"It has always been and will always be Vacon's explicit policy in its global operations to comply with both local and international legislation, rules and regulations. We will abide with the ruling and the matter is now finished as far as Vacon is concerned," Vacon's President and CEO Vesa Laisi says.

Additional Info

Vacon is driven by a passion to develop, manufacture and sell the best AC drives and inverters in the world - and provide customers with efficient product lifecycle services. Our AC drives offer optimum process control and energy efficiency for electric motors. Vacon inverters play a key role when energy is produced from renewable sources. Vacon has production and R&D facilities in Europe, Asia and North America, and sales offices in 29 countries. Further, Vacon has sales representatives and service partners in nearly 90 countries. In 2012, Vacon's revenues amounted to EUR 388.4 million, and the company employed globally approximately 1,500 people. The shares of Vacon Plc (VAC1V) are quoted on the main list of the Helsinki stock exchange (NASDAQ OMX Helsinki).

Driven by Drives, www.vacon.com

For more information please contact:

  • Mr Vesa Laisi, President and CEO, phone: +358 (0)40 8371 510, e-mail vesa.laisi(at)vacon.com
  • Ms Pia Aaltonen-Forsell, CFO, phone: +358 (0)40 8371 910, e-mail pia.aaltonen-forsell(at)vacon.com
Read 2650 times