6th Jul 2015 12:58
LONDON (Alliance News) - CRH PLC last week said the Swiss Competition Commission is set to fine it CHF34 million from a probe into the bathroom fixtures and fittings industry in the country, significantly lower than had initially been expected.
The Swiss Competition Commission had, in May 2014, proposed imposing a CHF119 million fine on the company, meaning the actual fine levied is around 70% lower than had initially been flagged.
The fine is part of a CHF80 million sanction the regulator has imposed on the Association of Swiss Wholesalers of the Sanitary Industry.
CRH said in a statement that was was "surprised at the unprecedented decision by Comco not to publish the basis of its findings at the same time as informing the public of its decision, considering that Comco had been reviewing and considering this matter for over nine months," CRH said in a statement.
CRH shares were down 1.3% to 1,787.26 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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