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Electrolux To Set Provision Of About SEK 650 Mln To Settle French Antitrust Case
(RTTNews) - Swedish home appliance major Electrolux AB (ELUXY.PK) announced Tuesday that it will set a provision of approximately SEK 650 million in connection to the previously reported investigation of alleged breaches of antitrust rules in France between 2009 and 2014.
A minor part of the provision relates to settlement of another legal matter in Europe. The provision will be reported as a non-recurring item affecting operating income for Business Area Europe in the second quarter of 2023.
Electrolux Group became in 2013 the subject of an investigation by the French Competition Authority regarding possible violations of antitrust rules.
The Competition Authority thereafter decided to conduct two separate investigations of which the first, relating to the period 2006-2009, was completed in December 2018.
The current provision relates to the second investigation where the Competition Authority found in February 2023 that Electrolux France was alleged to have acted in breach of antitrust rules in France between 2009 and 2014.
A settlement has now been agreed with the Competition Authority and Electrolux Group is therefore in accordance with accounting principles setting this provision. The final amount will be decided at the end of the procedure.
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