Trelleborg says cartel probe costs may eat up large part of 2006 profits |
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Tue, 26 Jun 2007 09:07
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STOCKHOLM (Thomson Financial) - Trelleborg AB said the total costs from the ongoing EU and US cartel investigations in the marine hose industry, could correspond to a 'predominant' part of its 2006 pretax profits of 1.193 bln skr.Trelleborg said that in addition, expenses for the ongoing investigations and the adopted action program are estimated to amount to between approximately 75-100 mln skr during 2007 and 2008, and will take the 'major' part of these charges, in its first half results.'In the current phase of the investigations, it is impossible to accurately assess the final financial impact,' Trelleborg said.The EU competition authorities and the US Justice Department have launched investigations relating to an alleged cartel for certain types of marine hoses used to transport oil. The investigations encompass several international companies, including one of Trelleborg's French subsidiaries, Trelleborg Industrie SAS.Trelleborg told Thomson Financial News it expects the US part of the investigation to be completed this year, while its expects the EU part to be completed in 2008.TF.TFN-EuropeStockholm@thomson.comhc/lamCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Trelleborg says one French unit part of US cartel investigation 