EU fines bathroom equipment cartel 762 million dollars

The European Commission on Wednesday fined 17 bathroom equipment producers, including Ideal Standard of the United States, a total of 622 million euros (762 million U.S. dollars) for a price fixing cartel.

"These 17 companies fixed prices for baths, sinks, taps and other bathroom fittings for 12 years in six countries covering 240 million people. The cartel will have harmed businesses such as builders and plumbers and, ultimately, a large number of families," said Joaquin Almunia, Commission Vice President and Competition Commissioner.

Source: Xinhua