Market Court orders Iittala Group to pay EUR 3 million in competition infringement fines
Fiskars Corp. Stock Exchange Release December 20, 2011 at 14.00 EET
The Market Court has today ordered Iittala Group Oy Ab, a Fiskars subsidiary, to pay a total of EUR 3 million in competition infringement fines for resale price maintenance between 2005 and 2007. The fine will be recognized as a non-recurring expense in the fourth quarter 2011 results. No provision has been booked for the fine.
The amount proposed by the Finnish Competition Authority was EUR 4 million. Both Iittala Group and the Finnish Competition Authority are entitled to appeal the decision to the Supreme Administrative Court. Iittala Group will examine the decision thoroughly and thereafter decide on a possible appeal.
The alleged violation occurred in practice before Fiskars acquired the Iittala Group on 31 August 2007. The investigation by the Competition Authority started in 2006.
President & CEO
Jutta Karlsson, General Counsel, Fiskars Corporation, tel. +358 204 39 5463
Fiskars is a leading global supplier of consumer products for the home, garden and outdoors. The group has a strong portfolio of respected international brands, including Fiskars, Iittala and Gerber. Founded in 1649 and listed on NASDAQ OMX Helsinki, Fiskars is Finland’s oldest company. Fiskars recorded net sales of EUR 716 million in 2010, and employs some 3,600 people in over 20 countries. www.fiskarsgroup.com