European Commission Fine - Automotive Products Glass Sector

1. Contents NSG Group. (“the Company”) confirms that, as stated in the Commission's press release dated 12th November 2008, the European Commission has announced a decision to levy a civil fine of Euro 370 million (approximately JPY 45 billion) against Pilkington Group Limited (“Pilkington”), a subsidiary of the Company.

The fine follows an investigation, previously announced, into a number of glass manufacturers in the European Automotive glass sector, including Pilkington, relating to infringement of competition rules.

The company will examine the decision and decide on future action, including a possible appeal.

2. Impact upon the operation

As announced on 22 May 2007, the Company has previously made a provision for this fine. The provision previously held (approximately GBP 250 million) will be updated to reflect the value of the fine as notified.

This will result in a loss of JPY8.9 billion being recognized as an extraordinary item in the income statement for the second quarter of the year to 31 March 2009.

Consequently, the Company is reviewing its first half financial results and full year results outlook for the year ending 31 March 2009, to take account of this development. If any revision is necessary, it will be announced as soon as it is concluded.

600450 European Commission Fine - Automotive Products Glass Sector

See more news about:

Others also read

Christian Quenett
On 22 March, during the last General Assembly of Glass for Europe, Dr. Christian Quenett, Head of Architectural Glass Europe Pilkington Deutschland AG (NSG Group), has been elected Chairman of the Board of Directors of Glass for Europe.
Mark Mitchell, Director, Mackenzie Glass
Mackenzie Glass, part of the Cornwall Glass group of businesses has agreed contracts on the acquisition of Pilkington Bristol from NSG.
Restart of the Pilkington Italia Float Line
Monday, 16 October, was an important date for Pilkington Italia, for the community of Venice and for the entire Veneto Region as the warm-up of the new furnace for glass production at Porto Marghera plant commenced.
Pilkington Sunplus™ BIPV powered by Solaria receives IEC Certification
NSG Group’s Architectural Glass Solar Products Certified to Global Design and Safety Standards.
Pleotint is now supplying their Suntuitive® Dynamic Glass interlayer to Pilkington/NSG Europe for use in the Pilkington Suncool™ Dynamic product line.
Pilkington MirroView™
Pilkington North America will exhibit a range of high performance glass products at the Society of Information Display (SID) Display Week at the Los Angeles Convention Center, Los Angeles, CA on May 23-26, 2017.

Add new comment