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19 February 2009

Danfoss offices raided by anti-trust authorities

DRAMATIC raids have been carried out at Danfoss sites in Denmark, Germany and the United States as part of investigations into suspicions of a global compressor market cartel.
Danfoss has confirmed anti-trust authorities are investigating the Danish firm as part of a cartel probe into alleged collusion and price fixing in the compressor industry.

Raids have been carried out by the European Union commission on the offices of several compressor industry companies. Searches and subpoenas have gone out in several countries including Denmark, Germany, Brazil and the US.

Tecumseh Products Co. has confirmed it has received a subpoena from the US Department of Justice, as part of the global probe.

Under EU law, companies can be fined as much as 10% of annual sales for breaking antitrust rules.
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