Nippon Sheet Glass Co. said it will pay a fine of 140 million euros (about 22.5 billion yen) to the European Union for its British subsidiary Pilkington Group Ltd.'s role in an international price-fixing cartel.
Nippon Sheet Glass has already set aside a provision for the payment and thus expects to make no further revision to its earnings projection, the leading flat glass maker said.
Read the Nippon Sheet Glass Co. announcement here.
In November last year, the European Commission, the executive arm of the EU, fined Pilkington and three other companies a total of 486.9 million euros for forming a price-fixing cartel in the flat glass market in Europe.
The three other companies are Asahi Glass Co. of Japan, Saint-Gobain of France and Guardian of the United States.
The four companies have a combined share of 80 percent or more of the European market for flat glass, which is used for windows, glass doors and mirrors.
Read about the EU fine here.