Posted in | News

Trelleborg Subsidiary Fined EUR24.5 Million for Marine Oil Hose Pricing

Today, the European Commission announced a decision in its ongoing, earlier communicated, competition investigation regarding certain types of marine oil hoses. The investigation began in May 2007 and Trelleborg has awaited the decisions of authorities during a longer period.

According to the Commission’s announcement, one of the Trelleborg Group’s French subsidiaries participated in illegal price cooperation for certain types of marine oil hoses. The European Commission has set the fine for the subsidiary at EUR 24.5 M.

Trelleborg has however not yet received the complete decision. Accordingly, we can not yet comment on the measures that will be taken as a result of the decision or whether it will be appealed. Trelleborg awaits receipt of the complete decision. We will provide information on further actions when the complete decision has been received and analyzed.

Trelleborg is also affected by ongoing investigations by e.g. the US Department of Justice into the competitive conditions for certain types of marine oil hoses and certain types of marine fenders. However, the European Commission’s decision is completely independent of that of the US authorities. Trelleborg has continuously assisted the US authorities, and we await their decision on the matter.

Based on the knowledge of the abovementioned decision by the European Commission, Trelleborg is making a downward adjustment of the total cost estimate communicated earlier. In addition to costs of SEK 100 M already charged, our total additional costs related to violations of competition law are expected to amount to approximately SEK 400 M. This amount includes the abovementioned EU fines, fines and expenses in the US and other affected countries, and damages and legal expenses. This assessment is still subject to uncertainties relating to length and outcome of ongoing processes.

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Your comment type
Submit

While we only use edited and approved content for Azthena answers, it may on occasions provide incorrect responses. Please confirm any data provided with the related suppliers or authors. We do not provide medical advice, if you search for medical information you must always consult a medical professional before acting on any information provided.

Your questions, but not your email details will be shared with OpenAI and retained for 30 days in accordance with their privacy principles.

Please do not ask questions that use sensitive or confidential information.

Read the full Terms & Conditions.