HELSINKI Finnish lift maker Kone (KNEBV.HE)
will appeal against a European Commission fine in a cartel
case, but said it would provide for the 142 million euro ($187
million) penalty in its first quarter accounts.
The fine was announced by the Commission on Feb. 21 after
an investigation into lift makers that looked into price
fixing, rigged bills and project allocations between them in
Belgium, Germany, Luxembourg and the Netherlands from 1995 to
Kone was not fined in relation to Belgium and Luxembourg,
where it had been the first to cooperate with the authorities.
Swiss-based Schindler (SCHP.S) (SCHN.S) was fined 144
million euros in the same case and will also appeal the
Other firms to be fined were ThyssenKrupp (TKAG.DE) of
Germany, Otis, owned by United Technologies (UTX.N) of the
United States and Mitsubishi Electric Corp. (6503.T) of Japan.