BEIJING (Reuters) - A Chinese firm at the center of allegations made by Hitachi Metals Ltd (HML) and its U.S. unit Metglas on Thursday vehemently denied that it had stolen trade secrets.
Advanced Technology & Materials Co Ltd (AT&M) denied the alleged theft and said in a statement to the Shenzhen Stock Exchange that it reserved the right to take legal action to defend its interests in response to any “false allegations.”
AT&M was one of five Chinese companies named in a filing to the U.S. International Trade Commission by HML and Metglas, which alleged the Chinese firms had inappropriately obtained trade secrets for making amorphous metals. The information was allegedly passed to the Chinese companies by two former HML employees..
AT&M said it mastered amorphous technology through more than 40 years of “independent innovation, relentless research and a lot of investment.”
The company said it had learned of the allegations from media reports and had not yet received formal notification of the charges.
The company, describing itself as a subsidiary of the China Iron and Steel Research Institute, which was in turn governed by the State-Owned Assets Supervision and Administration Commission (Sasac), said it was “fully respectful of and does not infringe on the intellectual property rights of others.”
The other four firms — Beijing ZLJG Amorphous Technology Co, Qingdao Yunlu Energy Technology Co, AT&M International Trading and CISRI International Trading — have yet to make a statement on the allegations.
Reporting by Tom Daly; Editing by Amrutha Gayathri