EU to fine 3 firms for creating cartel

The European Union intends to fine 2 Japanese and a German firm for price fixing for cathode ray tubes used in TV sets and computer screens.

The EU announced on Wednesday that Japan's Asahi Glass and Nippon Electric as well as Germany's Schott AG fixed the prices.

The EU antitrust regulators say Asahi Glass agreed to pay about 4.5 million euros and Nippon Electric Glass 4.3 million euros. Asahi Glass is Japan's largest glass maker.

The EU will also impose a fine of about 40 million euros on Schott.

The EU will not fine Samsung Corning Precision Materials which also took part in the price-fixing because it alerted the European Commission to the cartel.

Samsung Corning Precision Materials is a joint venture between US company Corning and the world's largest television producer Samsung Electronics.

Asahi Glass says it decided to reach a settlement with the EU to avoid prolonging the case even though it disagreed with the EU on some parts of its argument. The company says it has already withdrawn from the business in Europe.

Thursday, October 20, 2011 08:15 +0900 (JST)