EU fines flat glass manufacturers total 486.9 mln eur for price fixing |
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Published
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Wed, 28 Nov 2007 11:21
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BRUSSELS (Thomson Financial) - The European Commission said it has imposed a total 486.9 mln eur fine on flat glass manufacturers Nippon Sheet Glass Co's UK unit Pilkington, Compagnie de Saint-Gobain, Asahi Glass Co and US company Guardian for coordinating price increases and other commercial conditions for flat glass deliveries in the European Economic Area between early 2004 and early 2005.The EU executive imposed a 148.0 mln eur fine on Guardian, 140.0 mln on Pilkington, 133.9 mln eur fine on Saint-Gobain and 65.0 mln on Asahi.The commission carried out surprise inspections on the companies in February and March 2005, promoted by information provided by national competition authorities.During the inspections, Asahi and its Belgian subsidiary Glaverbel applied for leniency after they cooperated with the commission and provided additional evidence.The EU executive said the companies organised several rounds of price increases, fixed minimum prices and other commercial conditions in an endeavour to raise or otherwise stabilise prices. They also monitored the implementation of the price increase agreements.The evidence uncovered describes in detail several meetings in restaurants and hotels in different European countries during which Asahi, Guardian, Pilkington and Saint-Gobain discussed and agreed the level and timing of price increases, target prices, minimum prices and/or exchanged sensitive commercial information.nina.chestney@thomson.comnc/sljCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Saint-Gobain to be fined by Brussels today for building glass cartel - report 