FLSmidth penalty on former subsidiary upheld

In a company announcement to the Danish Financial Supervisory Authority (No. 08-2014, 30 April 2014) the European Court of Justice has ruled that the penalty imposed on FLSmidth & Co in March 2012 is upheld at €14.45 million.

April 30, 2014 Read time: 1 min

In a company announcement to the Danish Financial Supervisory Authority (No. 08-2014, 30 April 2014) the European Court of Justice has ruled that the penalty imposed on 7451 FLSmidth & Co in March 2012 is upheld at €14.45 million.

As announced in 2005 the European Commission ruled that FLSmidth & Co and the subsidiary company FLS Plast were to be held partly liable with regards to a cartel penalty on a formerly FLSmidth-owned French company then named Silvallac S.A (later Trioplast Wittenheim).

FLSmidth has appealed the cartel decision twice, latest in March 2012, where the General Court reduced FLSmidth & Co’s and the subsidiary company FLS Plast’s partly liability for this penalty. The liability was reduced from €15.3 million to €14.45 million.

The judgement concerning FLS Plast is still pending.

The group's guidance for 2014 will not be affected by the penalty.

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