12th Nov 2008 12:26
November 12, 2008
The Saint-Gobain Group has just learnt of the fine imposed by the European Commission with respect to the automotive glass investigation in Europe. The Group had set aside a provision of €560 million for this fine at the end of 2007.
The exact terms of and reasons for the Commission's decision - which involves Saint-Gobain Vitrage being fined €896 million for acts dating back to the late 1990s and early 2000s - are not yet known.
The Group believes the fine excessive and disproportionate and intends to immediately appeal the decision before the Luxembourg Court of First Instance. The fine represents approximately 95% of the annual sales of Saint-Gobain's OEM (Original Equipment Manufacturer) automotive glass business in Europe, and several decades' net income.
The payment of the fine is conditional on the outcome of the Court's proceedings - which generally take place over several years - in exchange for the provision of a bank guarantee.
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