London, England, December 1, 2005--Flooring group Low & Bonar is facing a hefty fine after the European Commission ruled that the group was involved in a cartel in the 1990s, according to ShareCast.
The European Commission fined the group €12.2 million ($14.4 million), which Low & Bonar said was disproportionate, adding that it will consider whether or not to appeal the ruling after it hears the details of the decision.
The total level of fine imposed on groups relating to the case totals €427.1 million ($503 million), said Low & Bonar today.
Low & Bonar first received a statement of objections from the European Commission in May 2004, as it began investigating allegations of a cartel relating to industrial bags, a market which it exited in 1997 following the sale of its Belgian packaging business to BPI.
