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Company News, 2007-02-21, 04:40 PM

EU Commission imposes fines on elevator companies

The EU Commission has today announced that it has imposed fines of €479.67 million in total on ThyssenKrupp AG, ThyssenKrupp Elevator AG and the elevator companies in the countries concerned. The companies are accused of reaching price fixing agreements for elevators and escalators. These agreements were made at national level in the Benelux countries and Germany.

ThyssenKrupp has not yet received official notice of the fine; for this reason, the level of the fines and whether they are justified cannot yet be fully assessed. A ThyssenKrupp legal team will review the fine notice and then decide whether to appeal.

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