European Commission ruling on sanitary tube cartel
In Autumn 2004, the European Commission imposed a fine upon Outokumpu for participation in a copper sanitary tube cartel. This was appealed and a second ruling was issued on May 19th 2010.
Luvata wishes to make clear that the events pertaining to this ruling took place between 1989 and 2001 (the "relevant period"), before the acquisition of Outokumpu Copper Products in 2005 and therefore before the formation of current Luvata. During the relevant period, the businesses involved were governed under the Outokumpu regime. Luvata is not involved in any part of the payment of the fines, which have already been paid in their entirety by Outokumpu.