Foam manufacturers cartel.
The E.U. announced a fine of ~114 million euros for price fixing to several manufacturers of the polyurethane foam used in furniture and car seats. The fine was reduced for companies that provided information about the cartel.
The lion’s share of the foam fine, 75 million euros, will be paid by a U.S manufacturer, Carpenter Co., and the rest by Eurofoam (Austria) and Recticel (Belgium). Because Eurofoam is a joint venture of Recticel and another Austrian firm that does not make foam, the final accounting could get a bit complicated. Foam manufacturer Vita Cayman (Cayman Islands) will not be fined because they’re the ones who reported the cartel to authorities in Brussels.
The cartel manipulated sale prices in about ten E.U. countries, including Germany. Auto seats make up about a quarter of the industry’s sales, said the E.U.’s competition commissioner.
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