Kremsmunster, Austria -- Greiner Holding, which was yesterday fined by the European Commission for its part in a flexible foam cartel, said its behaviour and that of its joint venture firm Eurofoam, - “did not result in any detriment to their customers,” in an online statement.
As reported yesterday in Urethanes-Technology-International.com, the European Commission fined Eurofoam, Carpenter, Recticel and Greiner a total of EURO114m ($155m) for their part in a foam cartel. Vita, which alerted the Commission, escaped a fine.
Announcing the settlement with the European Commission on its corporate website yesterday under the heading 'Greiner Holding AG is liable for the actions of its joint venture company Eurofoam' an unattributed statement said: “The European Commission today imposed fines on all major polyurethane foam manufacturers in Europe, including Eurofoam - a joint venture between Greiner Holding AG and Recticel SA.
“The fine was imposed because of contact between the foam manufacturers, which was held to be in breach of European antitrust law. As part of the settlement process Greiner agreed, as a shareholder of Eurofoam, to assume responsibility for Eurofoam's actions in exchange for a reduction in the amount of the fine.
“Greiner and Eurofoam believe that the company's actions did not result in any detriment to their customers.
“Greiner Holding and Eurofoam both cooperated with the European Commission from the outset and contributed to its investigation into the claims. The European Commission has recognized the contributions made by Greiner and Eurofoam GmbH by substantially reducing the amount of the fine. A comprehensive compliance system was introduced across the entire Greiner Group immediately after the proceedings were initiated.”
“Greiner, Recticel SA and Eurofoam were held jointly liable by the European Commission for a fine of approx. €24 million. Of this, €4.7 million falls to Greiner Holding AG while €14.8 million falls to Eurofoam GmbH.”