Eu Fines 4 Glass Majors Us$ 724M

Guardian Ind, Saint-Gobain, Pilkington & Asahi Glass were fined US$ 724M 28 Nov/07 by EU regulators who said the glass manufacturers fixed the price in Europe of flat glass for windows, fire-resistant glass & mirrors. Neelie Kroes, the EU's competition commissioner, said its investigation showed Guardian (Michigan, USA); France's Saint-Gobain SA; UK-based Pilkington Group Ltd; & Japan's Asahi Glass, colluded to fix prices & other commercial conditions in the EU market. The heaviest fine of US$220M went to Guardian Ind, which said it was shocked by the decision & was reviewing whether to appeal. Pilkington was fined US$ 208M, Saint-Gobain US$ 199.2M, while Asahi's EU subsidiary, previously known as Glaverbel, received a fine of USD96.7M.