From the Wires
TECHNICOLOR: European Commission Fine - Cathode Ray Tubes industry
By: Marketwired .
Dec. 5, 2012 07:49 AM
ISSY-LES-MOULINEAUX, FRANCE -- (Marketwire) -- 12/05/12 --
PRESS RELEASE European Commission Fine - Cathode Ray Tubes industry
Technicolor (EURONEXT PARIS: TCH) has been informed today by the European Commission of its decision to impose a fine of EUR38.6 million against the Company.
The fine follows an investigation led by the European Commission that started in January 2008, into a number of electronic manufacturers, including Thomson S.A., relating to a cartel in the Cathode Ray Tubes ("CRT") industry. The decision of the Commission covers the period 1999-2005 for Thomson S.A.
Technicolor highlights that:
* Thomson S.A. sold its CRT business in 2005;
* The possibility for Technicolor to be fined in this case has been included in the Risk Factors section of its annual report since 2009.
The decision of the European Commission will not impact Technicolor's objectives of Adjusted EBITDA and free cash flow for 2012 announced in February. The Company will make a provision for this fine that will result in a loss of EUR38.6 million being recognized as an extraordinary item in the income statement of the second half of 2012. Technicolor intends to request a payment schedule from the Commission.
Technicolor, a worldwide technology leader in the media and entertainment sector, is at the forefront of digital innovation. Our world class research and innovation laboratories enable us to lead the market in delivering advanced video services to content creators and distributors. We also benefit from an extensive intellectual property portfolio focused on imaging and sound technologies, based on a thriving licensing business. Our commitment: supporting the delivery of exciting new experiences for consumers in theaters, homes and on-the-go. Euronext Paris: TCH www.technicolor.com
European Commission Fine: http://hugin.info/143597/R/1662787/539020.pdf
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: TECHNICOLOR via Thomson Reuters ONE
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