Outokumpu together with number of other companies have reached full and final settlement agreement on sanitary copper tube cartel claims.
In 2012 Outokumpu was served with a damages contribution claim in the English court by IMI (IMI Plc and IMI Kynoch Ltd) and Boliden AB, after Boliden AB and IMI were served claims for financial loss by members of the Travis Perkins Group. These claims related to a 2004 ruling by the European Commission which concluded that a number of companies were involved in price fixing and market sharing in the sanitary copper tube sector in Europe between June 1988 and March 2001.
Outokumpu considered the claim for damages in the English court proceedings to lack merit, but has decided to contribute to the settlement in order to bring this matter to an end.
Says Head of Corporate Affairs and Compliance Kimmo Karihtala: “We consider this settlement to be justified, as it is in our best interest to avoid further expense, inconvenience and burden of continuing litigation, and to get a final resolution in all claims in relation to sanitary copper tube cartel.”
In addition to Outokumpu the settlement covers also all former Outokumpu subsidiaries included in the claims. The settlement amount is not significant, and it will be booked as a non-recurring item in the third quarter 2014 results.