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31.03.2011

European Commission shows good judgement: Reduction of cartel fine

Today, the European Commission reduced a cartel fine of 40,5 million euros imposed on William Prym by 25 million euros.

In spring of 2010, Prym applied for a reduction of these fines that would take into account the company's specific economic situation. The Commission initiated an extensive review process, and eventually determined that the large fine endangered the existence of the company; for this reason, the fine was reduced by more than 50%.

'We very much appreciate the Commission's decision. With it, the Commission displays good judgement and secures the future of Germany's oldest family-owned industrial company and that of its more than 3,800 employees,’ states Andreas Engelhardt, Chief Executive Officer of the Prym Group in Stolberg.

'The difficult situation of the company created by the fine could only be resolved by a reduction in the salaries of its employees and its management and by a comprehensive savings program’.

The decision of the Commission has taken the unique situation of the Prym Group and its ability to exist in the future into consideration.

‘We never expected a complete waiver of the fine, but had rather requested what we considered to be a very high cartel fine to an economically appropriate amount,' explains Andreas Engelhardt.

For more information please contact:

Petra Beissel
Assistant to the CEO
William Prym GmbH & Co. KG
Zweifaller Strasse 130
52224 Stolberg
Germany
Tel.: +49 (0)2402 14-2232; Fax +49 (0)2402 14-2939
Email: petra.beissel@prym.com

Illustration
Andreas Engelhardt
CEO of the Prym Group

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