Viasystems reaches settlement concerning 2012 fire

On October 31, 2014, the company accepted a final insurance claim settlement offer of RMB 162.6 million (approx. USD 26.6 million) related to the 2012 fire incident in its Guangzhou, China factory, which together with previous interim settlement proceeds, increased the total claim proceeds value to RMB 202.7 million (USD 33.1 million). “I am happy to report that, late last week, we reached a final settlement of our insurance claim for damages incurred in the 2012 factory fire incident in China,” stated David M. Sindelar, chief executive officer of Viasystems. “While the significance and complexity of the claim resulted in more than two years of negotiations over the settlement, we believe the final result is fair compensation for the damages caused by the fire,” concluded Sindelar.