Panasonic To Appeal Against European Commission Price-rigging Fine
Panasonic said on Friday that it would appeal a decision by the European Commission to fine it 252 million euros ($327 million) on charges of fixing prices for TV and computer monitor cathode-ray tubes along with five other companies.
The European Commission fined Philips, LG Electronics Toshiba Corp Samsung SDI and French company Technicolor a total of 1.47 billion euros, its biggest antitrust penalty in history.
The Commission said executives from the European and Asian companies had met until six years ago to fix prices and divide up markets for TV and computer monitor cathode-ray tubes.
Panasonic believes EC's the decision is "factually and legally erroneous."
Staying with Panasonic, the company announced that it would transfer its digital camera and digital movie camera businesses to Advantage Partners, LLP (AP.)
Specifically, Panasonic's SANYO Electric and a special purpose company AP26, which has a capital subscription from a fund with services provided by Advantage Partners, LLP (AP), have formed an agreement on the transfer of all the shares of SANYO DI Solutions Co., Ltd. (SANYO DI), which operates the digital camera and digital movie camera businesses as of March 31, 2013.
SANYO Electric split off its digital camera and digital movie camera businesses as of July 1, 2012 into the separate company of SANYO DI in order to speed up decision making and reinforce a strong firewall, and took various measures to strengthen its businesses. However, in order to maintain competitiveness within this increasingly fierce market and to provide high-value products to the brand manufacturers as its customers, it was decided that it would be for the best to run the businesses under a partner able to make the optimum use of SANYO DI's technology and with a strong connection to its customers and to expand these businesses.
The Commission said executives from the European and Asian companies had met until six years ago to fix prices and divide up markets for TV and computer monitor cathode-ray tubes.
Panasonic believes EC's the decision is "factually and legally erroneous."
Staying with Panasonic, the company announced that it would transfer its digital camera and digital movie camera businesses to Advantage Partners, LLP (AP.)
Specifically, Panasonic's SANYO Electric and a special purpose company AP26, which has a capital subscription from a fund with services provided by Advantage Partners, LLP (AP), have formed an agreement on the transfer of all the shares of SANYO DI Solutions Co., Ltd. (SANYO DI), which operates the digital camera and digital movie camera businesses as of March 31, 2013.
SANYO Electric split off its digital camera and digital movie camera businesses as of July 1, 2012 into the separate company of SANYO DI in order to speed up decision making and reinforce a strong firewall, and took various measures to strengthen its businesses. However, in order to maintain competitiveness within this increasingly fierce market and to provide high-value products to the brand manufacturers as its customers, it was decided that it would be for the best to run the businesses under a partner able to make the optimum use of SANYO DI's technology and with a strong connection to its customers and to expand these businesses.
