Pelmar confirms TST conflict is over
Executives at Pelmar Engineering Group (Pelmar) have confirmed that a disagreement between the company and Tianjin Saixiang Technology Co. Ltd. (TST) has been resolved. Pelmar’s executive chairman Jacob Peled told Tyres & Accessories that “the conflict between TST and Pelmar has ended in an amicable settlement”. The resolution appears to have occurred after TST met its obligations towards Pelmar. As a result Pelmar cancelled the lawsuit it brought against TST in the Tianjin Court. In addition, it was also agreed that the two companies will resume their business relations and will continue to cooperate as before.
Sources at Pelmar said that it was responsible for the largest single order placed with TST in its history and for introduction and negotiation with leading tyre manufacturers, particularly in the off-highway sector. The Pelmar Engineering Group initially filed its legal claim for well over US$800,000 in interest, expenses and damages for non-transference of payments due with the Chinese Intermediate Court at Tianjin (TST) back in September 2014.
According to Pelmar’s claim, Pelmar introduced TST to clients outside of China and assisted in the sale and promotion of TST’s machinery. However, at some point this agreement broke down. Now it has evidently been mended and, according to the company, we can expect an agreement to this effect to be signed soon.