Electrolux Group sets provision mainly relating to French antitrust case
STOCKHOLM, May 30, 2023 /PRNewswire/ -- Electrolux Group will set a provision of approximately SEK 650m 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.
As previously disclosed in press releases and annual reports, 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 provision communicated today relates to the second investigation. In February 2023, the Competition Authority issued a Statement of Objections involving various parties within the home appliance sector and where 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.
CONTACT:
For further information, please contact:
Sophie Arnius, Investor Relations, +46 70 590 80 72
Paul Palmstedt, Electrolux Press Hotline, +46 8 657 65 07
The following files are available for download:
230530 PRM Provision French Anti-trust |
SOURCE Electrolux Group
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