ThyssenKrupp Group Fined €479.7 Million in European Elevator and Escalator Cartel
Company: thyssenkrupp AG
Summary
In February 2007, the European Commission imposed approximately €479.67 million in fines on ThyssenKrupp group entities for participation in elevator and escalator cartels. The Commission found that major elevator manufacturers had rigged bids, allocated projects, fixed prices and shared markets in Belgium, Germany, Luxembourg and the Netherlands. The infringements lasted for years and affected installation and maintenance contracts. ThyssenKrupp's penalties were increased because the group was treated as a repeat competition-law offender. Its total fine was the largest imposed on any group in the case. Source: European Commission https://ec.europa.eu/commission/presscorner/api/files/document/print/en/ip_07_209/IP_07_209_EN.pdf