LAKE MARY, Fla., and NORTH KINGSTOWN – Romer Inc., a Hexagon Metrology company, and Faro Technologies Inc. have agreed to settle all outstanding disputes between them, the companies announced late yesterday.
Patent suits in California and another lawsuit involving claims of false advertising all will be dismissed under the deal, which also covers Romer affiliates CimCore Corp., Hexagon Metrology AB and Hexagon Metrology Inc.
Financial terms and other details of the agreement were not disclosed; they will be treated as “Company Confidential” material going forward, by both Hexagon and Faro, the companies said.
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“We are very pleased that these lawsuits have now ended, so that we can again focus exclusively on doing what we do best – making state-of-the-art metrology products, and competing with each other in the marketplace and not in the courtroom,” Hexagon CEO William Gruber said in the joint statement.
“I couldn’t agree more,” said Faro CEO Jay Freeland. “Faro too is glad to put these distractions behind us and focus on our business. Instead of spending money on litigation, we would rather direct these funds toward customer support, research, and innovative new products.”
“In the future,” Freeland added, “management for both companies have agreed to attempt to resolve our differences before heading to a courtroom.”
Faro Technologies Inc. (NasdaqGM: FARO), based in Lake Mary, Fla., designs, develops and markets portable computer measurement devices and software to create digital models.
Romer Inc., a California corporation with sales headquarters in Michigan, markets and manufactures high-accuracy 3D measurement systems for aerospace, automotive, heavy machinery and general engineering. It is a division of precision measurement instrument maker Hexagon Metrology, the North Kingstown-based division of Sweden’s Hexagon AB (Stockholm: HEXAB). The Hexagon group has nearly 8,200 employees in 30 countries.
Additional information is available at hexagonmetrology.us.
