Dispute over termination of agreement to supply, distribute, license and service sterilization system
QUEBEC—TSO3 Inc. will pay $2-million to settle its ongoing dispute with 3M Company, the Quebec-based designer of low-temperature sterilization equipment said.
The dispute was over the termination of 3M’s exclusive agreement to supply, distribute, license and service TSO3’s Sterizone 125L+ sterilization system branded as the 3M Optreoz 125-Z.
TSO3 terminated the agreement in June 2012 but 3M had disputed its right to do so.
The mediated deal includes repurchase of inventory as well as settlement fees being paid to 3M.
Other details were not released.
“We are satisfied with the terms of the settlement and that the dispute has been settled,” CEO R.M. (Ric) Rumble said in a statement.
TSO3 specializes in designing products for sterile processing areas in hospitals, including replacement equipment.