EU slaps $400m fine on 30 cos in copper scandal

BRUSSELS: EU regulators on Wednesday fined 30 companies e314.7m ($399.4m) for taking part in a copper fittings cartel — its fifth largest ever such fine.

The companies belong to 11 groups, including Aalberts, IMI, Delta, Advanced Fluid Connections, Legris, Frabo, Mueller, Tomkins, Flowflex, Viegener and Sanha Kaimer. “Between ‘88 and ‘04, the companies fixed prices, discounts and rebates, agreed on mechanisms to coordinate price increases, allocated customers and exchanged commercially important and confidential information,” the European Commission said.

Copper fittings connect tubes used to carry water, air or gas in plumbing or heating systems. The commission said the cartel covered various types of fittings — including brass and other alloys — which meant businesses and retail customers were paying higher prices.

The Netherlands’ Aalberts received the largest fine of e100.8m ($127.6m). Germany’s Viegener must pay the second-largest fine at e54.29m ($68.7m), followed by Britain’s IMI at e48.3m ($61.1m) and France’s Legris/ Comap.