Manchester manufacturer Lydall Inc. said it has agreed to make a one-time final commission payment of $2.95 million to terminate a long-standing commercial sales agreement within its thermal-acoustical metals business in Europe.
Lydall said the termination of the 15-year-old deal, related to car manufacturers, will eliminate all future sales commissions due to the unnamed sales partner and save Lydall money over time. It is not expected to impact its future parts sales.
The company expects to save as much as $800,000 in commission this year as a result, as much as $1.4 million a year from 2015 through 2019, and as much as $700,000 a year from 2020 through 2023.
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