Esterline Corporation

London, UK: (Jun-28-07) Esterline Corporation reached a settlement agreement with its insurance carrier to settle property damage and business interruption claims related to the 2006 explosion at Esterline's UK-based countermeasure flares operation, Wallop Defence Systems. The settlement is said to include a £16 million payment to Wallop. Including payments already received, the total settlement is equal to £24 million, or approximately US$48 million. The settlement paves the way for the rebuilding of the damaged facility. Regarding plans to rebuild the damaged facility, officials said that they have begun the formal process by submitting plans to appropriate jurisdictions and working closely with their principal customer and strategic partner, the British Ministry of Defence, to provide current and future countermeasure requirements. [CNN NEWS: EXPLOSION DAMAGE]

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Published on Jul-2-07