EU fines flat glass cartel 486.9 mln euros

BRUSSELS - Four big makers of flat glass used for windows, doors and mirrors were fined 486.9 million euros ($717.2 million) by European regulators on Wednesday for illegally coordinating price rises and business conditions.

By (Reuters)

Published: Wed 28 Nov 2007, 4:50 PM

Last updated: Sat 4 Apr 2015, 11:23 PM

The European Commission fined privately held US firm Guardian 148 million euros; Pilkington Plc, the UK unit of Japanese glass maker Nippon Sheet Glass 140 million euros; French producer Saint-Gobain 133.9 million euros; and Belgian-based Glaverbel SA, a unit of Japan’s Asahi Glass Co, 65 million euros.

EU Competition Commissioner Neelie Kroes said in a statement the cartel was discovered with the help of national competition authorities, unlike many cases where one company involved in illicit price-fixing acted as a whistleblower to escape fines.

More news from Business
In-store shopping regains trust


In-store shopping regains trust

What is happening now is that as Covid-19 cases continue to decline, residents are regaining confidence in in-store shopping. This is according to a Kearney study in which UAE respondents cite convenience (51 per cent), enhanced shopping experience (49 per cent) and competitive pricing (44 per cent) as the main motivators driving them back to brick and mortar stores

Business5 days ago