Philips hit by cartel claims
PHILIPS, the Dutch electrical goods manufacturer, and South Korea’s LG Display yesterday said they had received a charge sheet from the EU’s executive arm about suspected price-fixing on LCD panels.
The European Commission said it had sent a “statement of objections” – a formal step in ECcompetition probes – for suspected violation of cartel rules, but did not name the companies involved.
Philips said it received the charge sheet as a former shareholder of LG Display and this did not mean it was directly involved. LG Display said it was reviewing the statement of objections but declined to comment.
Meanwhile, Philips also yesterday said some of its key markets are primed for an upturn in sales, though any growth this year would likely be driven by government spending programmes.
The Dutch conglomerate – the world’s largest lighting manufacturer and Europe’s biggest for consumer electronics – surprised industry experts with a return to profit in the second quarter, helped by cost cuts.
It said it expected a better second half and some markets, notably in emerging economies, might be bottoming out.
Finance director Pierre-Jean Sivignon warned against hopes of an early consumer-led end to the slump.
He said: “If I had to guess I would say growth would come from the countries with stimulus packages. Because we know those plans are for real.”