GDS @ Bloomfield College | 8 million euros, Toshiba Corp
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8 million euros, Toshiba Corp

09 Jun 8 million euros, Toshiba Corp

9 billion cartel fine on Philips

BRUSSELS (Reuters) The European Commission imposed the canada goose coats biggest antitrust penalty in its history buy canada goose jacket on Wednesday, fining six firms including Philips, LG Electronics and Panasonic a total of 1.47 billion euros ($1.92 billion) for running two cartels for nearly a decade.

The logo of Philips is seen at the company’s entrance Canada Goose Jackets in Brussels September 11, 2012. REUTERS/Francois Lenoir

The Commission said executives from the European and Canada Goose sale Asian companies met until buy canada goose jacket cheap six years ago to fix prices and divide up markets for TV and computer monitor cathode ray tubes, technology now mostly made obsolete by black friday canada goose flat screens.

Between 1996 and 2006 they met in Paris, Rome, Amsterdam and in Asia for meetings so called because they often ended in a round of golf.

cartels for cathode ray tubes are cartels they feature all the worst kinds of anti competitive behavior that are strictly forbidden to companies doing business in Europe, EU Competition Commissioner Joaquin Almunia said in a statement.

The EU antitrust regulator imposed Canada Goose Coats On Sale the biggest penalties on Philips for its role in Canada Goose Outlet the price fixing and carving up of markets. The Dutch based firm was fined 313.4 million euros and faces a further penalty through a uk canada goose outlet joint venture.

However, Chief Executive Frans van Houten said the canadian goose jacket group canada goose would challenge what he called the disproportionate Canada Goose Online and unjustified penalty.

An employee works at a store of LG Electronics in Seoul July 25, 2012. REUTERS/Lee Jae Won

LG Electronics of South Korea must pay 295.6 canada goose uk shop million euros plus its share of a joint venture penalty, followed by Panasonic Corp which was fined 157.5 million.

The Japanese firm said it might also make a legal challenge. believes the EU decision is canada goose black friday sale factually and legally erroneous. and will carefully review the decision and consider our options for uk canada goose appeal to the European courts, it said.

The cheap canada goose uk Commission also fined Samsung SDI 150.8 million euros, Toshiba Corp. 28 million euros, and French company Technicolor 38.6 million euros.

A joint venture between Philips and LG canada goose uk outlet Electronics was penalized 391.9 million euros while two Panasonic joint ventures were also sanctioned.

Samsung canada goose uk black friday flags are set up at the main entrance to the Berlin fair ground before the IFA consumer electronics fair in Berlin, August 28, 2012. REUTERS/Tobias Schwarz

Almunia said the violations were especially harmful for consumers, as cathode ray tubes accounted for 50 to 70 percent of the price of a screen.

Cathode ray tubes have largely been replaced by more advanced display technologies such as liquid crystal display (LCD), plasma display and organic light emitting diodes.

Philips sold off the business which committed the infringement in 2001 but said it would canada goose coats on sale make a provision of 509 million euros in the fourth quarter for the canada goose clearance sale fine.

ING analyst Fabian Smeets told ANP Reuters that the sanction was significant, but had been expected. Philips canada goose factory sale shares were canada goose clearance down 0.82 percent to 19.93 euros at late afternoon, erasing earlier gains after news of the fines.

Technicolor said the fine, which will be booked as an exceptional item in its second half accounts, would not affect its 2012 earnings and free Canada Goose online cash flow targets.

Until now, canada goose store the Commission biggest antitrust penalty had been a 1.38 billion euro fine imposed on participants in a car glass cartel in 2008.

The Commission sanctions followed a total fine of 128.74 million euros levied last year against four producers of the glass used in cathode ray tubes.

Chunghwa Picture Tubes, Samsung Electronics, LG Display and three other LCD companies were penalized a total 648 million euros two years ago for taking part in a cartel.

Reporting by Foo cheap Canada Goose Yun Chee, additional reporting by Anthony Deutsch in Amsterdam, Elena Berton in Paris, Timothy Kelly in Tokyo and Miyoung Kim in Seoul; editing by Rex Merrifield and Canada Goose Parka David Stamp.