Asia Pulp & Paper Co., Asia's biggest paper company outside of Japan, said it would pay Beloit Corp. $135 million to end a legal battle over the purchase of two paper making machines.
Under the settlement, PT Indah Kiat Pulp & Paper, a unit of Asia Pulp & Paper, will pay $25 million in cash to Beloit. The remaining $110 million will be paid after three years, and bears an annual interest rate of 15 percent.
Under the settlement, PT Indah Kiat Pulp & Paper, a unit of Asia Pulp & Paper, will pay $25 million in cash to Beloit. The remaining $110 million will be paid after three years, and bears an annual interest rate of 15 percent.
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