| December 4, 2007 | Vol 2, Num 49 |
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Last week's poll results:
When will a nonresidential slowdown occur, if at all?
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36.62%: First half of 2008 |
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33.8%: Nonresidential will remain strong for the next two years |
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29.58%: Second half of 2008 |
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Financials
Guardian, Pilkington, Asahi and Saint-Gobain fined for price-fixing
The European Union fined four glass companies a total of about $724 million on Nov. 28 for conspiring to raise European market prices for flat glass. EU officials state that the four companies coordinated several simultaneous price increases between 2004 and 2005.
Guardian Industries Corp. of Auburn Mills, Mich., received the highest fine of $220 million. United Kingdom’s Pilkington, acquired by Nippon Sheet Glass of Tokyo in June 2006, was fined $208 million. Paris-based Saint-Gobain was fined $199.2 million. Japanese Asahi Glass Company’s subsidiary, AGC Flat Glass Europe, formerly Glaverbel, received a fine of $96.7 million.
Asahi received the lowest fine due to its cooperation with EU officials during the investigation. Asahi has released an announcement acknowledging the fine here, and will “examine the decision and determine accordingly their future course of action.”
Guardian is also reviewing whether or not to appeal, while NSG and Saint-Gobain have both acknowledged the decision.
“The company has made a provision for the estimated fine payment for building products and automotive glass,” according to a Nov. 28 NSG release.
Read a Nov. 28 Associated Press report about the fines here.
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