European Union regulators fined four companies a total of ¤487 million (US$724 million) on Wednesday for fixing the price of flat glass used in the making of windows, fire-resistant glass and mirrors, according to AP. Neelie Kroes, the EU's competition commissioner, said France's Compagnie de Saint-Gobain SA, British-based Pilkington Group Ltd., Japan's Asahi Glass Co. and U.S.-based Guardian Industries Corp. were found guilty of colluding to fix prices and other commercial conditions in the European market. She said the EU «will not tolerate companies cheating consumers and business customers by fixing prices and depriving them of the benefits of the single market.» EU officials said their investigation, which included surprise raids at the four companies' European subsidiaries, found that they agreed to coordinate «several rounds of price increases» during hotel and restaurant meetings in several European countries between 2004 and 2005. U.S.-based Guardian received the highest fine, of ¤148 million (US$220 million), followed by Pilkington at ¤140 million (US$208 million). Saint-Gobain followed with ¤133.9 million (US$199.2 million), while Asahi's European subsidiary, then known as Glaverbel, received a ¤65 million (US$96.7 million) fine.
