Nippon Sheet Glass Co, said on 16 December 2008 that its UK unit, Pilkington, would appeal a EUR 370 million (USD 507 million) cartel penalty imposed by the European Commission. Nippon Sheet Glass, wh…
Nippon Sheet Glass Co, said on 16 December 2008 that its UK unit, Pilkington, would appeal a EUR 370 million (USD 507 million) cartel penalty imposed by the European Commission. Nippon Sheet Glass, which makes flat glass for cars and buildings, said in a statement it would keep unchanged its earnings guidance for the current fiscal year, which allows for the penalty, as it expected any court decision on the appeal to come after that ends in March 2009. On 12 November 2008, The European Commission imposed its highest ever cartel penalty, fining four companies more than EUR 1.3 billion for price fixing in the European car glass market between 1998 and 2003. Among the alleged cartel members, French building materials group Saint-Gobain was fined EUR 896 million, the highest such EU penalty on an individual company.