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13 October 2009

Embraco pays $56.5m to settle cartel allegations in Brazil

EMBRACO has agreed to pay 56.5m USD to settle its compressor cartel allegations in Brazil.
Embraco's settlement with the Brazilian Justice Ministry's anti-trust division (CADE) means it will pay the fee (100m Brazilian reals) over the next five and a half years (reported in the Brazilian press to amount to 20-25% of Embraco sales).

Anti-trust authorities raided a number of refrigeration compressor manufacturers' offices across Europe, the US and Brazil in February 2009. In the operation codenamed zero degrees, 60 federal agents in Sao Paulo searched Whirlpool offices and seized computer equipment. Unannounced raids were also carried out at the offices of Whirlpool and Tecumseh in Brazil and the US, and Danfoss facilities in Denmark, Germany and the US.

Speaking in Brazil on October 8, European commissioner for competition Neelie Kroes said: 'We in Brussels have been very pleased with the first joint dawn raid among Brazilian, EU and US authorities in February 2009. The ongoing investigation in the refrigeration compressor industry is an excellent case study. My people in Brussels coordinated the inspections in this industry, together with colleagues of the SDE, and following the appropriate internal coordination in Brazil between CADE and the SDE. We both worked also with the US Department of Justice'.

Commissioner Kroes added: 'I don't want to merely destabilise cartels. I want to tear the ground from under them'.

World Refrigeration Day

Industry has embraced the inaugural World Refrigeration Day (WRD) with events happening all over the world....

  25-Jun-2019

Seeley to introduce new MagIQtouch Wi-Fi Smart App

The MagIQtouch smart app allows remote control of Breezair evaporative cooling systems through any mobile device with Internet connection....

  21-Oct-2019

Fridge Freezer Direct Introduces J & E Hall's range of Cellar Cooling

Reliable and energy efficient, the JCC range of cellar coolers are designed to be used in wine and beer cellars above or below ground.
  22-Oct-2019
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