| FOR IMMEDIATE RELEASE
MONDAY, APRIL 12, 1999
TDD (202) 514-1888
TEXAS AND LOUISIANA COMPANIES TO PAY CIVIL PENALTIES
WASHINGTON, D.C. -- A Texas manufacturer of seismic data acquisition systems and a Louisiana manufacturer of cable positioning systems each have agreed to pay a $225,000 civil penalty to settle charges that they violated antitrust premerger reporting requirements.
The Department of Justice's Antitrust Division, at the request of the Federal Trade Commission, filed a civil lawsuit today in U.S. District Court in Washington, D.C. against Input/Output Inc. and The Laitram Corporation, for violating the Hart-Scott-Rodino Act of 1976. At the same time, the Department filed a proposed settlement, that if approved by the court, will settle the charges.
According to the complaint, Input/Output and Laitram failed to observe the required antitrust premerger waiting period. The complaint alleges that Input/Output obtained beneficial ownership of DigiCOURSE, a Laitram subsidiary, when it took operational control of DigiCOURSE while under contract to acquire the company.
Input/Output Inc. is a Delaware corporation headquartered in Stafford, Texas. The Laitram Corporation is headquartered in Harahan, Louisiana.
The Hart-Scott-Rodino Act of 1976 imposes notification and waiting period requirements on individuals and companies over a certain size before they can consummate acquisitions of stock or assets over a certain value or percentage.