W.W. Grainger sets aside $70M to settle pricing dispute with U.S.
(MCT) — W.W. Grainger Inc. set aside $70 million in pre-tax profits in the third quarter for the proposed settlement of an ongoing pricing dispute with the U.S. government, the Chicago-based company disclosed Tuesday.
The $70 million reserve, which the Lake Forest-based company called a “settlement in principle to resolve pricing disclosure issues,” involves contracts over at least 10 years with the General Services Administration and the U.S. Postal Service. The proposed settlement is subject to the approval of the U.S. Justice Department.
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