Korean and Japanese manufacturers of CRT (cathode-ray tube) glass have been fined a combined KRW 54.5 billion (USD 47.5 million) for colluding to fix prices, as well as to reduce CRT glass output.
South Korea’s antitrust watchdog has fined four South Korean and Japanese manufacturers of CRT (cathode-ray tube) glass a combined KRW 54.5 billion (USD 47.5 million) for colluding to fix prices.
Samsung Corning Precision Materials Co. received the largest fine of KRW 32.4 billion, with Hankook Electric Glass Co., the local subsidiary of Japan’s Asahi Glass Co. being fined KRW 18.3 billion.
Two subsidiaries of Nippon Electric Glass Co. (NEG) also received a combined penalty of KRW 3.74 billion.
According to industry sources, Samsung Corning Precision Materials may have its fine cut as it voluntarily reported the price-fixing scheme to the watchdog.
Samsung Corning Precision Materials, AGC and NEG have a combined global market share of 65.1%, with a 69%share of the South Korean market.
The companies reportedly held numerous meetings in South Korea, Japan and Singapore to fix prices of CRT glass and coordinate production, also agreeing to set a target price or on-quarter markups and markdowns.
They also conspired to reduce CRT glass output in a bid to counter an overabundance resulting from stagnant demand for the product.