Eurofoam settles with the EU Commission
Eurofoam has agreed to settle in the proceedings against all notable polyurethane foam manufacturers in Europe
Vienna, 29 January 2014 – Today, the EU Commission issued a fine against all notable polyurethane foam manufacturers in Europe, including the Eurofoam Group, a joint venture company belonging to the Greiner Holding AG and Recticel SA. The EU Commission has imposed a fine of 14,8 million euros on Eurofoam GmbH.
The fine has been imposed as a result of contacts between foam manufacturers which were judged to be a violation of European competition law. For this reason, the EU Commission has imposed a total fine of 114 millions euros on the companies involved. During the settlement procedure, Eurofoam declared that it was prepared to acknowledge responsibility for the practices alleged by the EU Commission in return for a reduction of the fine.
Eurofoam cooperated with the authorities from the beginning of the investigations and has assisted in clarifying the situation. Immediately after initiation of the proceedings the Eurofoam Group introduced a comprehensive Compliance System.
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About Eurofoam
The Eurofoam Group is a leading manufacturer of flexible polyurethane foam, operating in Central and Eastern Europe. With 2.200 employees in 12 countries, it generated revenue of EUR 374 million in 2012. www.eurofoam.eu