|By PR Newswire||
|December 26, 2012 05:22 PM EST||
CHICAGO, Dec. 26, 2012 /PRNewswire/ -- Grainger (NYSE: GWW) today announced it has settled its long-standing contract dispute with the federal government. As announced October 16, the discrepancy centered on disclosure language in the General Services Administration (GSA) and United States Postal Service (USPS) contracts, which were implemented more than 10 years ago.
Grainger maintains it complied with the disclosure requirements and the contracts in all material respects, and the settlement does not contain any admission of wrongdoing by the company.
The GSA and USPS remain long-standing and important Grainger customers. These contracts account for a portion of the company's overall government business, which represented 17 percent of its total U.S. 2011 revenue.
As Grainger disclosed in October, it recorded a $70 million pre-tax reserve for this settlement and established a separate pre-tax reserve to resolve tax, freight and miscellaneous billing issues with these two government customers.
W.W. Grainger, Inc., with 2011 sales of $8.1 billion, is North America's leading broad line supplier of maintenance, repair and operating products, with expanding global operations. For more information about the company, visit www.grainger.com/investor.
SOURCE W.W. Grainger, Inc.
- "All It Took Was One E-Mail to Larry," Says Former eBay Research Director As He Moves to Google
- Google Ramps Up Its Mobile Reach: Launches "Mobile Web Search"
- VoIP Update: Yahoo! Buys DialPad
- Ericsson + Napster = World's First "Wireless Digital Music" Brand
- Free Guest Passes for the SOA World Conference & Expo in NYC
- SYS-CON i-Technology Podcast August 30, 2005
- A Flair for Food - Health-Conscious Cooking Is This Chef's Cup Of Tea
- Sony PSP May Feature Porn
- Kapow Helps Seiko UK, Provides SMS Text-Alert Services
- South Korea is World's Largest Phisher
- Will the Mac OS Now Be Offered by Dell?
- UK Targeted for Trojan Attacks
- MAX 2006: Tracks Announced
- BT's "Fixed-Mobile" Phone Gives Callers the Best of Both Worlds
- MetaSolv to Host Provisioning Symposium in London