Eltek settles intellectual property suit
(Thomson Reuters ONE) -
Drammen 12 December 2014: Chinese listed company EAST UPS has admitted that
trade secrets belonging to Eltek have been used in developing EAST UPS'
controversial product.
The admission is the basis for a settlement agreement with Eltek that follows
years of legal proceedings and devastating conclusions for EAST UPS by court-
appointed technical experts in China.
EAST UPS, formally known as Guangdong East Power Co, has pledged in a court-
sanctioned agreement to cease all activities related to the product developed
based on Eltek's trade secrets. EAST UPS has further agreed to destroy all
samples, inventory, modules and specific production facility of said product in
addition to all related research and development material. According to the
settlement agreement EAST UPS is also obliged to pay an agreed amount to Eltek
in damages for costs related to the lengthy court process.
"While it has been frustrating to spend considerable time and resources on what
was an obvious case, it was necessary for Eltek to make it clear that we do not
accept any infringement or violation of our intellectual property. We believe
that the commercial consequences of this isolated case are very limited, but it
was important for us to stop a new competitor emerging based on our technology,"
said Morten Schøyen, Chief Marketing Officer of Eltek.
Schøyen emphasizes that this case was unusually clear-cut. Eltek discovered
products from East UPS that were suspiciously similar to Eltek products. After
acquiring products and analyzing them, it was found that the software was
directly copied from Eltek software. Component specifications and product
designs were obvious copies. Even the user documentation was a scanned copy with
the Eltek logo replaced by that of EAST UPS.
The source was proven to be previous Eltek employees who later worked for EAST
UPS.
"The settlement only came about when EAST UPS realized that the court would rule
in favor of Eltek. We are very pleased to see that the Chinese legal system
takes this seriously and is ready to penalize companies that illegally infringes
on the intellectual property of others," Schøyen added.
For further information:
Morten Schøyen, Chief Marketing Officer
+47 915 17 452
morten.schoyen(at)eltek.com
About Eltek:
Eltek is a strategic technology partner for power solutions. The company
reported revenue of NOK 3.7 billion in 2013, and has approximately 2,400
employees and operations in almost 40 countries. The company focuses on power
electronics markets, where it is one of the leaders in telecom power and a
growing force within industrial applications. Eltek is also pursuing growth
opportunities within the data center market. Eltek is listed on Oslo Stock
Exchange (ELT:Oslo) and headquartered in Drammen, Norway. http://www.eltek.com
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Eltek ASA via GlobeNewswire
[HUG#1879420]
Unternehmensinformation / Kurzprofil:
Datum: 12.12.2014 - 09:00 Uhr
Sprache: Deutsch
News-ID 359066
Anzahl Zeichen: 3657
contact information:
Town:
Drammen
Kategorie:
Business News
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