Richmond, Virginia -- Carpenter Co, which was yesterday fined EURO 75m ($102m) by the European Commission for its part in a cartel arrangement in polyurethane foam has issued a statement.
The statement reads:
Several European Subsidiaries of Carpenter Co have settled charges by the European Commission that they had anticompetitive contacts with competitors concerning polyurethane foam used in comfort applications. The subsidiaries' conduct at issue was limited to six European Union member states between October 2005 through October 2010.
Neither Carpenter, as the US parent of the European subsidiaries concerned, nor any US employees are alleged to have engaged in any anticompetitive conduct. Carpenter's involvement in the settlement is limited solely to its capacity as the parent company.
Stanley.F. Pauley, chairman and ceo of Carpenter said: "I am very disappointed in what happened in Europe. The fines will be paid by the European subsidiries. It was in the best interest of our company to settle the matter expeditiously and put it behind us."
The statement continues: Three other European polyurethane foam companies also have agreed to pay fines for their participation in a broader European Union agreement during that same period.
Currency conversion 30 Jan 2014 EURO 1= $1.36