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EU: Commission issues hard fines for soft foam cartel

 |  January 29, 2014

The European Commission announced Wednesday it has issued fines of more than $155.5 million to makers of foam used in mattresses, car seats and sofas, say reports, for cartel behavior.

Four major foam manufacturers were found to have colluded for nearly five years to synchronize pricing in 10 member states, the Commission said.

The companies accused are Vita, Carpenter, Recticel and Eurofoam. The Commission says the firms conducted secret meetings to fix product prices, preventing competition between the four companies and passing on higher prices to consumers.

Vita was note fined under EU immunity rules, as the company first notified authorities of the scheme.

Full Content: Europa

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