A PYMNTS Company

EU: Commission issues hard fines for soft foam cartel

By  |  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.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    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

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.