EU issues fines to elevator firms

European Union (EU) regulators have issued fines totalling US $1.3 billion (AED 4.8 billion) to five international lift and elevator manufacturers for price-fixing activities.

European Union (EU) regulators have issued fines totalling US $1.3 billion (AED 4.8 billion) to five international lift and elevator manufacturers for price-fixing activities.

German-based ThyssenKrupp, US-owned Otis, Kone of Finland, Swiss-based Schindler and Mitsubishi’s Dutch subsidiary, were accused of fixing prices on allocated projects in four EU countries between 1995 and 2004.
 
The firms were accused of operating a cartel for the installation and maintenance of lifts and escalators in Belgium, Germany, Luxembourg and the Netherlands. The fines were for rigging bids for procurement contracts, fixing prices, sharing out projects, carving up markets and exchanging sensitive information.

The European Commission headquarters and EU courts building in Luxembourg were among some of the projects thought to have been affected.

ThyssennKrupp received the largest fine ever imposed by EU  regulators on a single firm – 480 million euro.

Otis was fined 225 million euro; Mitsubishi, 1.8 million euro; Schindler, 114 million euro; and Kone, 142 million euro. The firms are planning to appeal the decision.

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