The complicated legal fall-out began in October last year, when Swiss-headquartered materials science business HeiQ Materials filed a legal complaint in the US for breach of contract against ICP Industrial, then part of ICP Group.

ICP Industrial filed a counterclaim of its own and asked for the case to be dismissed.

Back in March 2021 amid the ongoing impact of the Covid-19 pandemic, ICP had signed a five-year, worldwide exclusive licence deal with HeiQ for the use of its Viroblock technology in graphic arts coatings for printing processes such as commercial print, food, beverage and pharmaceutical packaging.

The partnership subsequently turned sour, and in its lawsuit HeiQ also accused ICP Industrial of fabricating reasons for delaying sales, and of implementing “unrealistic and uncompetitive pricing” that doomed any effective launch.

In February HeiQ CEO Carlo Centonze told Printweek that its total claim was “well in excess of 100 million USD”.

However, this morning (30 November), HeiQ announced that it had reached a settlement of the litigation with ICP, “which includes dismissal of claims and counterclaims by both parties with prejudice”.

ICP has agreed to pay HeiQ PLC a total of $2.75m (£2.17m).

“This settlement has been reached without admission of liability by either party and is accompanied by mutual general releases, and resolves all outstanding matters between the parties,” HeiQ stated.

The firm said no further comment would be made beyond its statement.

HeiQ’s share price rose by 13.3% on the news to 15.86p. However, the firm’s shares have lost more than 70% of their value this year after its results were delayed and share trading was suspended for six months. (52-week high: 75.99p, low: 8.00p).

ICP Industrial, which owns UK-based Hi-Tech Coatings, was taken over by Netherlands-based coatings specialist Stahl Group in a deal that completed in March.