James Hardie Industries Concludes New Zealand Weathertightness Case
26 April 2023 - 9:58AM
Business Wire
James Hardie Reaches Commercial Agreement
with Plaintiff Ending Waitakere Litigation
James Hardie Industries plc (ASX: JHX; NYSE: JHX), today
announced that the weathertightness litigation (Case No.
CIV-2015-404-3080, previously described by James Hardie as the
“Waitakere litigation”) brought against James Hardie before the
Auckland High Court has ended via a negotiated commercial agreement
(the “agreement”) with the plaintiff. The Waitakere litigation
trial was planned to be a 32-week trial, scheduled to commence on 8
May 2023 in the Auckland High Court; the agreement discontinues the
Waitakere litigation in its entirety.
The detailed terms of the agreement are confidential and both
parties are satisfied with the outcome. There is no admission of
liability by any party and there is a full and final settlement of
all claims arising directly or indirectly out of the Waitakere
litigation.
James Hardie will record the entirety of the costs associated
with this agreement in the Fourth Quarter of its Fiscal Year 2023
financial results; the expense will be recorded in General
Corporate Costs. This agreement was not considered when the Fiscal
Year 2023 Adjusted Net Income guidance was announced on 14 February
2023.
James Hardie CEO Mr. Aaron Erter, said, “We are satisfied with
this outcome as it allows us to move forward with a focus on our
operations and our future growth. This agreement makes commercial
sense for us in the context of the costs of a trial and any appeal
and does not change our continued belief that we behaved as a
responsible manufacturer.” Speaking to the impact on FY23 Adjusted
Net Income, Mr. Erter stated, “There is no change to our Adjusted
Net Income guidance range announced on 14 February 2023, after
recording the expenses associated with this agreement.”
Please see our condensed consolidated financial statements dated
31 December 2022, for further description of New Zealand
weathertightness.
Forward-Looking Statements
This Media Release contains forward-looking statements and
information that are necessarily subject to risks, uncertainties,
and assumptions. Many factors could cause the actual results,
performance or achievements of James Hardie to be materially
different from those expressed or implied in this release,
including, among others, the risks and uncertainties set forth in
Section 3 “Risk Factors” in James Hardie’s Annual Report on Form
20-F for the year ended 31 March 2022; changes in general economic,
political, governmental and business conditions globally and in the
countries in which James Hardie does business; changes in interest
rates; changes in inflation rates; changes in exchange rates; the
level of construction generally; changes in cement demand and
prices; changes in raw material and energy prices; changes in
business strategy and various other factors. Should one or more of
these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those described herein. James Hardie assumes no obligation to
update or correct the information contained in this Media Release
except as required by law.
This media release has been authorized by Mr. Aaron Erter, Chief
Executive Officer.
James Hardie Industries plc is a limited liability company
incorporated in Ireland with its registered office at Europa House,
2nd Floor, Harcourt Centre, Harcourt Street, Dublin 2, D02 WR20,
Ireland
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Investor/Media/Analyst Enquiries: James Brennan-Chong
Director of Investor Relations and Market Intelligence
Telephone: +61 2 9638 9205 Email:
media@jameshardie.com.au
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