IBC Advanced to appeal Beralcast arbitration award
IBC ADVANCED Alloys Corp. intends to appeal an arbitration award made in favour of the former co-owner of Beralcast, which IBC purchased in 2010 and which now serves as the company’s beryllium-aluminum alloy operating division.
An arbitrator with the International Center for Dispute Resolution has ordered IBC to pay Gerald R. Hoolahan, the former co-owner of Beralcast, a total of approximately $1.24-million (U.S.) in damages resulting from an alleged breach of contract relating to the sale, and an additional $155,697 (U.S.) in attorney’s fees, costs and expenses.
IBC vigorously disputes the allegations and intends to appeal the arbitrators’ award.
About IBC Advanced Alloys Corp.
IBC is a leading beryllium and copper advanced alloy company serving a variety of industries, such as defence, aerospace, automotive, telecommunications, precision manufacturing and others. IBC’s copper division manufactures and distributes a variety of copper alloys as castings and forgings, including beryllium copper, chrome copper and aluminum bronze. IBC’s engineered materials division makes the Beralcast family of alloys, which can be precision cast and are used in an increasing number of defence, aerospace and other systems, including the F-35 joint strike fighter. IBC has production facilities in Indiana, Massachusetts, Pennsylvania and Missouri.
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Dal Stuart Brynelsen, Christopher Geoffrey Hampson, David Randall Heinz, Mike Jarvis, Alastair Scott Neill, Mark A Smith
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