Recticel announces that it has reached a settlement with the European Commission in the Commission’s polyurethane foam investigation, which will bring the matter to a close.
As previously stated, the Commission conducted on July 27, 2010, unannounced inspections at the premises of Recticel, its 50%-owned joint venture Eurofoam, and other European producers of polyurethane foam. Recticel and Eurofoam decided to cooperate with the Commission under the Commission’s Leniency Program, which they have continued to do through the present day. When the Commission offered the option of settlement, Recticel and Eurofoam decided to pursue the settlement process in order to accelerate resolution of the matter. Recticel’s fine accordingly reflects discounts for cooperation under the Leniency Program and settlement procedures.
Under the settlement decision, Recticel’s effective total fine, including Recticel’s 50% share of the fine relating to Eurofoam’s conduct, is € 26,976,500. The fine is payable 90 days after the Commission’s decision. Recticel intends to apply to the Commission to be allowed to pay the fine in several annual installments.
The full impact of the fine will be reflected in the accounts of 2013.
Recticel confirms that the existing financial arrangements with its banks remain in place.