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 2004.
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 decision.
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.