DANFOSS says top management is unaware of any possible compressor price fixing, following anti-trust raids of the company's offices.
Competition authorities paid unannounced visits to Danfoss in Nordborg in Denmark, Flensburg in Germany and several of Danfoss’s companies in the US on February 17, as part of a global investigation into an alleged compressor cartel involving cooling sector companies.
Referring to the series of surprise visits, Ole Daugbjerg, chief reputation officer, said: ”We are 100% certain that the top management of Danfoss is completely unaware of any possible entrance into such an agreement. Therefore, we are closely monitoring the investigation, and there should be no doubt that it will also have implications within Danfoss if employees have taken part in any kind of illegal and anti-competitive activities.”
Daugbjerg stressed Danfoss would be very surprised if the worldwide investigation shows that the company or some employees have been involved in a cartel.
He added: 'Danfoss is of course cooperating fully with the authorities concerning the searches and investigations which are carried out in this sort of case where competition authorities are investigating an entire sector. It is obvious that the spotlight has been turned on Danfoss too, because we are one of the big players in this market.'