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Appliance Makers Fined €611 Million for Price Fixing in France

Washing machines. Photographer: David Paul Morris/Bloomberg (David Paul Morris/Bloomberg)

(Bloomberg) -- France’s antitrust authority fined a dozen household appliance makers and distributors including Groupe SEB, Electrolux AB and Whirlpool Corp. a total of €611 million ($635.3 million) over price fixing practices.

The companies agreed to set prices higher between February 2007 and December 2014 amid growing competition from online retailers, the authority said in a statement Thursday.

The largest individual fine totaling €189.5 million was issued to SEB, which makes Tefal frying pans and All-Clad cookware. The company said it “categorically refutes” the findings and denies allegations that it didn’t comply with competition rules.

Fnac Darty SA will pay the second largest fine of €109 million and is not contesting the decision. The appliances retailer recorded an €85 million provision in the second quarter of 2023 and will recognize an additional €24 million charge in fiscal 2024, it said in a statement.

Other companies fined are BSH, Candy Hoover, Eberhardt, Electrolux, Whirlpool, LG, Miele, Smeg and Boulanger, with penalties starting at €100,000. 

SEB shares dropped as much as 5% in early trading, while Fnac Darty fell as much as 2.9%.

©2024 Bloomberg L.P.