A PYMNTS Company

General Court reduces UPM-Kymmene’s 2005 price-fixing fine by 5.8M euros

 |  March 6, 2012

The General Court has reduced UPM-Kymmene Oyj’s fine by 5.8 million euros (approximately $7.6 million) because the Court found that the company could not be held liable for the cartel before October 1995. FLSmidth & Co. and FLS Plast unit’s fines were also reduced.

UPM-Kymmene, Europe’s second-largest papermaker, had been fined in 2005 for price-fixing with 16 competitors in a cartel for plastic bags used for industrial products. With the reduction, the company’s fine is now 50.7 million euros.

Full content: Bloomberg


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