ABB receives German Federal Cartel Office's decision in power transformer investigation

Resource from: ABB Likes:248

Sep 24,2012

ABB confirmed that the German Federal Cartel Office (Bundeskartellamt) has announced its decision ending its investigation into anticompetitive practices in the German power transformer business, which occurred prior to April 2004. The German Federal Cartel Office imposed a fine on ABB’s German subsidiary, ABB AG, of #8364; 8.7 million (approximately $ 11.3 million). This decision, which follows a settlement with that Office, will not have a material impact on ABB’s financial results for the third quarter. This procedure, which was first disclosed several years ago, is separate from the investigation into the European impact of certain other anti-competitive practices in the power transformer business for which the European Commission issued its decision in October 2009. ABB is committed to fair and open competition in markets around the world. ABB companies and employees are not permitted to engage in any anti-competitive practices or other illegal or unethical behavior. ABB has a zero tolerance policy with respect to illegal or unethical behavior. ABB (www.abb.com) is a leader in power and automation technologies that enable utility and industry customers to improve their performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs about 145,000 people.

(ABB)

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