SHENZHEN, China, April 3, 2017 /PRNewswire/ -- Cytec Industries Inc., a member of the Solvay Group, announced today that Sunshow Specialty Chemical (Yantai) Co., Ltd. (Sunshow), agreed to compensate Cytec for infringement of its patent in China, No. ZL 02826049.X, covering its CYASORB CYNERGY SOLUTIONS® V703 product for UV stabilization of thermoplastic olefins in automotive applications.
The payout from Sunshow brings an end to the infringement litigation in the Shenzhen Intermediate People's Court, as well as a parallel proceeding by Sunshow for invalidation of the patent in the State Intellectual Property Office, wherein the Reexamination Board's Decision for Invalidation Request No. 31232 maintained Cytec's patent as valid.
"We are pleased to have successfully resolved this litigation," said Domenico Romanino, Senior Vice President of Additive Technologies for Solvay Technology Solutions. "Solvay takes protection of its intellectual property very seriously and we remain fully committed to actively enforcing our IP rights against unauthorized users throughout the world while continuing to innovate and create new technology for our customers. While the exact terms of the settlement agreement with Sunshow are not expected to have a material impact on Solvay's financial results for 2017, this outcome represents a milestone in our IP enforcement program and fully supports our convictions in asserting our patent."
An international chemical and advanced materials company, Solvay assists its customers in innovating, developing and delivering high-value, sustainable products and solutions which consume less energy and reduce CO2 emissions, optimize the use of resources and improve the quality of life. Solvay serves diversified global end markets, including automotive and aerospace, consumer goods and healthcare, energy and environment, electricity and electronics, building and construction as well as industrial applications. Solvay is headquartered in Brussels with about 30,900 employees spread across 53 countries. It generated pro forma net sales of € 12.4 bn in 2015, with 90% made from activities where it ranks among the world's top 3 players. Solvay SA (SOLB.BE) is listed on Euronext in Brussels and Paris (Bloomberg: SOLB.BB - Reuters: SOLB.BR).