Mayville Engineering Company to Receive $25.5 Million in Settlement Agreement
October 31 2024 - 4:15PM
Business Wire
Mayville Engineering Company (NYSE: MEC) (the “Company” or
“MEC”), a leading value-added provider of design, prototyping and
manufacturing solutions serving diverse end-markets, today
announced that it has entered into a formal Settlement Agreement
(the “Agreement”) that will resolve a previously-disclosed lawsuit
with Peloton Interactive, Inc. (“Peloton”). Under the terms of the
Agreement, MEC and Peloton have agreed to dismiss the lawsuit and
exchange mutual releases, and MEC will receive a gross payment of
$25.5 million from Peloton, with no admission of liability by
either party. The Agreement was executed as of October 28,
2024.
ABOUT MAYVILLE ENGINEERING COMPANY
Founded in 1945, MEC is a leading U.S. based, vertically
integrated, value-added manufacturing partner providing a full
suite of manufacturing solutions from concept to production,
including design, prototyping and tooling, fabrication, aluminum
extrusion, coating, assembly and aftermarket components. Our
customers operate in diverse end markets, including heavy- and
medium-duty commercial vehicles, construction & access
equipment, powersports, agriculture, military, and other end
markets. Along with process engineering and development services,
MEC maintains an extensive manufacturing infrastructure with 23
facilities across seven states. These facilities make it possible
to offer conventional and CNC (computer numerical control)
stamping, shearing, fiber laser cutting, forming, drilling,
tapping, grinding, tube bending, machining, welding, assembly, and
logistic services. MEC also possesses a broad range of finishing
capabilities including shot blasting, e-coating, powder coating,
wet spray and military grade chemical agent resistant coating
(CARC) painting. For more information, please visit
www.mecinc.com.
FORWARD-LOOKING STATEMENTS
This press-release includes forward-looking statements that
reflect plans, estimates and beliefs. Such statements involve risk
and uncertainties. Actual results may differ materially from those
contemplated by these forward-looking statements as a result of
various factors. Important factors that could cause actual results
or events to differ materially from those expressed in
forward-looking statements include, but are not limited to:
macroeconomic conditions, including inflation, elevated interest
rates and recessionary concerns, as well as labor availability and
material cost pressures, have had, and may continue to have, a
negative impact on our business, financial condition, cash flows
and results of operations (including future uncertain impacts);
risks relating to developments in the industries in which our
customers operate; risks related to scheduling production
accurately and maximizing efficiency; our ability to realize net
sales represented by our awarded business; failure to compete
successfully in our markets; our ability to maintain our
manufacturing, engineering and technological expertise; the loss of
any of our large customers or the loss of their respective market
shares; risks related to entering new markets; our ability to
recruit and retain our key executive officers, managers and
trade-skilled personnel; volatility in the prices or availability
of raw materials critical to our business; manufacturing risks,
including delays and technical problems, issues with third-party
suppliers, environmental risks and applicable statutory and
regulatory requirements; our ability to successfully identify or
integrate acquisitions; our ability to develop new and innovative
processes and gain customer acceptance of such processes; risks
related to our information technology systems and infrastructure,
including cybersecurity risks and data leakage risks; geopolitical
and economic developments, including foreign trade relations and
associated tariffs; results of legal disputes, including product
liability, intellectual property infringement and other claims;
risks associated with our capital-intensive industry; risks related
to our treatment as an S Corporation prior to the consummation of
our initial public offering; risks related to our employee stock
ownership plan’s treatment as a tax-qualified retirement plan; and
other factors described in “Risk Factors” in Part I, Item 1A of our
Annual Report on Form 10-K for the year ended December 31, 2023, as
such may be amended or supplemented in our subsequently filed
Quarterly Reports on Form 10-Q. This discussion should be read in
conjunction with our audited consolidated financial statements
included in the Company’s previously filed Annual Report on Form
10-K for the year ended December 31, 2023. We undertake no
obligation to update or revise any forward-looking statements after
the date on which any such statement is made, whether as a result
of new information, future events or otherwise, except as required
by federal securities laws.
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INVESTOR CONTACT
Stefan Neely or Noel Ryan (615) 844-6248 MEC@val-adv.com
Mayville Engineering (NYSE:MEC)
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