La-Z-Boy Anticipates Receiving Additional $16 Million in Anti-Dumping Offsets
La-Z-Boy Incorporated today reported that it expects to receive a distribution of approximately $16 million in connection with antidumping duties that were withheld earlier.
The Continued Dumping and Subsidy Offset Act of 2000 (“CDSOA“) provides for the distribution of antidumping duties collected by U.S. Customs and Border Protection (“Customs“) to eligible domestic producers that supported a successful antidumping petition (“Supporting Producers”). As we have previously disclosed, the Company or its subsidiaries have received such distributions as a result of our support of an antidumping petition on imports of wooden bedroom furniture from China. Certain manufacturers who did not support the antidumping petition (“Non-Supporting Producers”) filed actions in the United States Court of International Trade challenging the CDSOA’s ”support requirement” and seeking to share in the distributions. Read more here.
Date: March 8, 2012