House & Home
Wed, July 7, 2010Tue, July 6, 2010Mon, July 5, 2010Sat, July 3, 2010Fri, July 2, 2010Thu, July 1, 2010Wed, June 30, 2010Tue, June 29, 2010Mon, June 28, 2010Sun, June 27, 2010Fri, June 25, 2010Thu, June 24, 2010Wed, June 23, 2010Tue, June 22, 2010Mon, June 21, 2010Sun, June 20, 2010Fri, June 18, 2010Thu, June 17, 2010Wed, June 16, 2010Tue, June 15, 2010Mon, June 14, 2010Sun, June 13, 2010Fri, June 11, 2010Thu, June 10, 2010Wed, June 9, 2010WABCO Confirms Fine From European Commission; Reiterates No One From the Company Involved in Related Infractions
//house-home.news-articles.net/content/2010/06/2 .. the-company-involved-in-related-infractions.html
Published in House and Home on Wednesday, June 23rd 2010 at 4:46 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
BRUSSELS, BELGIUM--(Marketwire - June 23, 2010) - WABCO Holdings Inc. (
The fine is the result of the Commission's previously disclosed investigation of alleged anticompetitive practices prior to 2004 by numerous European bathroom fixtures and fittings companies, including those which were part of American Standard's European operations.
Ideal Standard International Holding SARL acquired in November 2007 the European Bath and Kitchen division of American Standard, including European legal entities which were formerly subsidiaries of American Standard Europe BVBA, and has continued the relevant business.
WABCO has never manufactured or marketed any of the products that are the subject of this investigation and no one from WABCO had any involvement with the matter. However, as disclosed by WABCO in connection with its spin-off from American Standard Companies Inc. in 2007, and as disclosed in WABCO's Form 10K and 10Q filings, WABCO is obliged to indemnify American Standard Companies Inc., now known as Trane Inc., and the Ideal Standard entities involved in the Commission's investigation against any fine related to this investigation.
WABCO can pay this fine using its existing cash balances and available credit lines.
"We welcome that the European Commission has finally made a decision after several years of delay. However, based on the facts and circumstances of this case, we believe that this fine is excessive," said Jacques Esculier, Chairman and Chief Executive Officer. "We also believe that we have strong grounds to appeal, although we are waiting for the full text of the Commission's decision before we confirm whether to appeal. Importantly, the Commission's decision lifts a lot of uncertainty for WABCO and we can now more than ever address the growth opportunities that are available for our company."
Conference Call Set for June 25
WABCO will hold a conference call at 9:00 a.m. Eastern Time on Friday, June 25. Jacques Esculier, Chairman and Chief Executive Officer, and Ulrich Michel, Chief Financial Officer, will discuss the European Commission fine and provide the company's business update.
The call will be webcast at [ www.wabco-auto.com ] and it is also accessible by telephone in listen only mode. Dial-in number is +1 408 940 3818 and U.S. toll-free dial-in number is 877 844 0834.
A replay of the call will be available from 12:00 Noon Eastern Time on June 25 until midnight July 25, 2010. Replay dial-in number is +1 706 645 9291 and U.S. toll-free dial-in number is 800 642 1687. Pass code is 83663853.
About WABCO
WABCO Vehicle Control Systems (
Forward-Looking Statements
This document contains certain "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995 that are based on management's good faith expectations and beliefs concerning future developments. Statements preceded by, followed by or that otherwise include the words "believes," "expects," "anticipates," "strategies," "prospects," "intends," "projects," "estimates," "plans," "may increase," "may fluctuate," and similar expressions or future or conditional verbs such as "will," "should," "would," "may" and "could" are generally forward looking in nature and not historical facts. Actual results may differ materially from these expectations as a result of many factors. These factors include, but are not limited to, the actual level of commercial vehicle production in our end markets, adverse developments in the business of our key customers, pricing changes to our supplies or products, and the other risks and uncertainties described in the "Risk Factors" section and the "Information Concerning Forward Looking Statements" section of WABCO's Form 10-K, as well as in the "Management's Discussion and Analysis of Financial Condition and Results of Operations - Information Concerning Forward Looking Statements" section of WABCO's Form 10-Q Quarterly Reports. WABCO does not undertake any obligation to update such forward-looking statements.
