Fufeng Group (HKG:0546) unit Shandong Fufeng Fermentation reached a settlement with three parties on Tuesday over the infringement of the commercial production secrecy of Xanthan Gum, a Wednesday filing with the Hong Kong bourse said.
Defendants Xinjiang Meihua Amino Acid, Meihua Biotechnology Group, and Zhang Wei will pay a settlement amount of 233 million yuan to the firm before March 14, according to the chemical manufacturer.
Following payment, Xinjiang Meihua Amino Acid and Meihua Biotechnology Group will be granted a perpetual usage permit to use Shandong Fufeng Fermentation's commercial production secrecy of Xanthan Gum, with no further legal action from the plaintiff.
Once the settlement amount is paid, the firm will discontinue all proceedings against the defendants.
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