by Tetra Pak crumpled - Click to enlarge According to Reuters, following an investigation, China’s State Administration for Industry and Commerce (SAIC) said, it found out that Tetra Pak violated some provisions in China’s anti-trust law and will impose a fine of 668 million yuan ( million) on Tetra Pak for “abuse of dominant market position”. The Shanghai Daily said, SAIC found that Tetra Pak had broken anti-monopoly regulations such as abusing its monopolistic status to force customers to purchase packaging materials and had also barred other packaging raw material suppliers from providing materials to its rivals. Swiss-based Tetra Pak said: “We are disappointed with the decision but have decided to accept it and do not intend to appeal,” says Chris Huntley, spokesperson for the Tetra Pak Group. “We are grateful for our customers’ trust. Our commitment to providing them, and Chinese consumers, with safe and reliable packaging remains as strong as ever. We are moving forward with our business in China,” says Huntley.
Topics:
Investec considers the following as important: Featured, newslettersent, Swiss Markets and News
This could be interesting, too:
Marc Chandler writes Riksbank Cuts, Oil Slips, and the Yen Remains Under Pressure
Marc Chandler writes Market Pushes the Yen Lower, Helped by a Broadly Firmer Greenback
Mark Thornton writes It’s the PPI Once More!
Daniel Lacalle writes Get Ready for Weaker Growth and Higher Inflation. The Consensus Was Wrong.
Tetra Pak crumpled - Click to enlarge
According to Reuters, following an investigation, China’s State Administration for Industry and Commerce (SAIC) said, it found out that Tetra Pak violated some provisions in China’s anti-trust law and will impose a fine of 668 million yuan ($97 million) on Tetra Pak for “abuse of dominant market position”.
The Shanghai Daily said, SAIC found that Tetra Pak had broken anti-monopoly regulations such as abusing its monopolistic status to force customers to purchase packaging materials and had also barred other packaging raw material suppliers from providing materials to its rivals.
Swiss-based Tetra Pak said: “We are disappointed with the decision but have decided to accept it and do not intend to appeal,” says Chris Huntley, spokesperson for the Tetra Pak Group.
“We are grateful for our customers’ trust. Our commitment to providing them, and Chinese consumers, with safe and reliable packaging remains as strong as ever. We are moving forward with our business in China,” says Huntley.