EU Commission Fines CRT Glass Makers EUR128 Million In Cartel Case
October 19 2011 - 6:15AM
Dow Jones News
The European Commission and three companies that produce cathode
ray tubes glass settled Wednesday on a cartel case.
Japanese firms Asahi Glass (5201.TO) and Nippon Electric
(6657.OK), and Germany's Schott AG have been fined a total of
EUR128.736 million for forming a cartel in the production of the
glass that is used for television and computer screens.
Asahi Glass was fined EUR45.135 million, Nippon Electric EUR43.2
million and Schott AG EUR40. 401 million. The fines were calculated
on the basis of the damage inflicted on European consumers by the
cartel operation.
A fourth company also involved in the cartel, Korea's Samsung
Corning Precision Materials, was granted immunity by the European
competition watchdog for acting as a whistleblower.
The fine for the other three firms was reduced by 10% because
they acknowledged their participation in the cartel.
-By Matina Stevis, Dow Jones Newswires; +32 (0)2 741 1 483;
matina.stevis@dowjones.com
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