Graco Inc. (GGG) said Thursday it has reached a non-monetary settlement agreement resolving a Federal Trade Commission non-public investigation of the company's business related to spray foam equipment used by contractors doing business in the United States.
The settlement expressly states that Graco does not admit any violation of law or that the facts alleged in the FTC's complaint are true.
While the company believes it would prevail in a court of law, its spray foam equipment business covered by the FTC's decision and order accounted for less than 5% of the company's consolidated net sales in the fourth quarter of fiscal year 2012. As a result, the company said it has concluded that a settlement enables Graco to put an end to the expense and distraction of protracted litigation with the FTC.
The agreement related to spray foam equipment is not associated with the FTC's ongoing review of Graco's 2012 acquisition of the Finishing Brands, which included powder and liquid finishing businesses from Illinois Tool Works, Inc.
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