07 March 2013 15:00 [Source: ICIS news]
LONDON (ICIS)--Recticel Iberica SL is exempt from payment of a €9.4m ($12.2m) fine in a cartel ruling on the flexible polyurethanes sector in Spain under a leniency programme, the Belgium-headquartered Recticel Group said on Thursday.
Spain’s national competition commission (CNC) on Wednesday imposed fines of more than €26m on 10 companies for price fixing dating back to 1992 in the Spanish market for the manufacture of flexible polyurethane foam for the “comfort” industry.
Trade group the Spanish Association of Polyurethanes Foam Business (ASEPUR), was fined €250,000 in the ruling.
The Spanish case is totally separate from a polyurethanes cartel investigation being undertaken by the EU’s competition authorities, Recticel said.
The polyurethanes maker earlier this month said that it was not in a position to predict the outcome of the EU case.
The company had cooperated with the European Commission in its investigation into price fixing in the European Economic Area polyurethane foam sector which stemmed from competition authorities’ raids in July 2010.
($1 = €0.77)
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