Sprue Aegis reaches agreement over faulty batteries

(ShareCast News) - Home safety products supplier Sprue Aegis announced on Thursday that it has reached agreement with its third-party Chinese battery manufacturer on a warranty claim.The AIM-traded firm said the claim was over a supply of batteries that potentially cause a premature end-of-life low battery warning chirp in some of Sprue's smoke alarms.Its board had announced the fault on 18 April, and once again stressed it is "not a safety-critical issue"."The financial benefit from the warranty claim will be provided by the manufacturer in the form of free of charge replacement batteries and is expected to be worth around £0.1m in 2016," Sprue's board said in a statement."The remainder of the warranty claim is expected to be recovered over the next two years depending on the Group's battery purchase volumes from the manufacturer."