Thermax entered a settlement with Purolite International, ending an outstanding legal dispute regarding its ion exchange resin business in the United States. According to the out of court settlement, Thermax has to pay Purolite in four installments of $9.5 million each, over the calender year.
Both Thermax and Purolite will now be co-owners in perpetuity of the information and technology in dispute. There will be no further financial obligations on this account.
Last month, the US District Court passed an order that Thermax's three production processes relating to certain kind of ion exchange resins for water treatment constituted Purolite's trade secret. On evaluating various options, Thermax opted for resolving the matter our of court due to risks of high liabilities.