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(Alliance News) - Tanfield Group PLC on Tuesday said its investee Snorkel International Holdings LLC had an annual sales rise, as a bruising legal battle over its 49% stake in the aerial work platforms manufacturer continues.
Snorkel's sales in the nine months to September 30 stood at USD169.5 million, up 11% year-on-year from USD152.7 million.
Heavy equipment maker Xtreme Manufacturing LLC holds the remaining stake in the Snorkel joint-venture.
In October, Tanfield said both Snorkel and SKL Holdings LLC, an Xtreme subsidiary, filed a summons and complaint against Tanfield in a US court.
The complaint is in relation to SKL exercising a call option in November 2018, to acquire Tanfield's share in the joint-venture. Tanfield took aim at "the validity of the purported call option notice"
and claimed to have attempted "to resolve the dispute amicably".
SKL and Snorkel, according to Tanfield, alleged that Tanfield "refused to comply with its contractual obligations in relation to the purported call option correspondence".
Tanfield's Snorkel investment is valued at GBP19.1 million, though the firm noted that the outcome of the US litigation could impact the investment value.
Tanfield shares were untraded in London on Tuesday afternoon, last quoted at 3.10 pence each.
By Eric Cunha; ericcunha@alliancenews.com
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