EU fines 8 firms for fixing prices on window mountings

(BRUSSELS) - The European Commission on Wednesday fined eight companies 86 million euros ($115 million) for price fixing between 1999 and 2007 in the window mountings sector, the EU said.

The EU's Competition Commission said that the fines "are high compared to the companies' turnover and will make them think twice if they ever think of fixing prices again."

Companies involved were Germany's Roto, Gretsch-Unitas, Siegenia, Winkhaus, Hautau, Fuhr and Strenger. Maco of Austria and AGB of Italy were also fined, a commission statement said.

Fines for Roto were waived as it was the first company to reveal the price fixing scheme to authorities, the commission said.

The EU added that the scheme was well organised with meetings held every November.