European General Court Fasteners Judgment

RNS Number : 7803H

Guinness Peat Group PLC

17 July 2012

 



GUINNESS PEAT GROUP PLC

("GPG" or the "Company")

Announcement

European General Court Fasteners Judgment

As the Company announced on 27 June 2012, the European General Court delivered its judgment, dismissing Coats' appeal on all counts and upholding the €110m fine imposed by the European Commission in its decision of 19 September 2007. 

Coats remains extremely disappointed with the Court's decision but, having taken legal advice, has decided not to make any further appeal to the European Court of Justice.  Coats maintains that the European Commission's allegations of a market sharing agreement in the European haberdashery market in the period from 1977 to 1998 are unfounded.

The fine and associated interest was paid on 11 July 2012 by Coats drawing on its existing bank facilities.

Chris Healy

Company Secretary

Guinness Peat Group plc

Tel: [phone]

17 July 2012

Enquiry details are:

New Zealand and Australian media:      Geoff Senescall on:        [phone]

UK media:                                        Kevin Smith on:             [phone]

 

END

 

 

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