Treadco Inc.
by January 11, 1999 12:00 am 226 views
Treadco Inc. has settled its dispute with Bandag Inc. and certain of Bandag’s current and former employees.
Under the settlement terms, Treadco received a one-time payment and will report additional after-tax income as a result of the settlement of about $5.4 million. The settlement payment will be used to reduce Treadco’s outstanding borrowings under its revolving credit agreement.
Arkansas Best Corp., which owns 49 percent of Treadco, expects its fourth-quarter earnings to increase about 11 cents per share as a result of the settlement.
The parties agreed to keep further details about the settlement confidential.
The dispute stemmed from a former franchise relationship between Treadco and Bandag.