Ferguson announces settlement agreement with Lockwood International
Ferguson Enterprises recently reached a settlement agreement with Lockwood International and several former Ferguson employees.
Under terms of the agreement, Lockwood and certain former Ferguson employees settled legal proceedings brought by Ferguson and agreed to significant obligations and non-solicitation restrictions, as well as a multimillion-dollar payment to Ferguson.
Ferguson added that Lockwood and the former employees also agreed to return or destroy all confidential information and material improperly taken from Ferguson. Additionally, a forensic examiner also will wipe from Lockwood’s computer systems any Ferguson information obtained from the former Ferguson employees, the Newport News, Va.-based distributor announced.
Lockwood International is an industrial PVF distributor headquartered in Houston.