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WWL companies reach settlement with the European Commission

Financial News

WWL companies reach settlement with the European Commission

Wallenius Wilhelmsen Logistics companies reach settlement with the European Commission in car carrier investigation

Oslo, February 21, 2018 - Wallenius Wilhelmsen Logistics companies reach settlement with the European Commission in car carrier investigation.

Since September 2012, the European Commission (EC) has been engaged in an investigation into alleged anti-competitive behaviour involving the car carrying industry. Several shipping companies, including Wallenius Wilhelmsen Logistics AS and EUKOR Car Carriers, have been included in the investigation.

The EC has now announced the outcome of the investigation in the form of an industry settlement, including WWL AS, EUKOR and four other carriers. The investigation revealed certain instances of conduct contrary to company policies and in breach of EU competition laws. As a part of the industry settlement, the WWL subsidiaries will pay a fine of EUR 207 million.

"Whilst I deeply regret the outcome, we are pleased that the EC investigation has concluded. WWL group are committed to honest and fair business practices ; this is an unfortunate part of our past and we must ensure it cannot occur again," says WWL's CEO, Craig Jasienski.

The company has made a provision for the outcome of the investigation. Consequently, the fine will not have a profit and loss effect.

About Wallenius Wilhelmsen Logistics ASA Wallenius Wilhelmsen Logistics ASA is a global logistics operator serving the manufacturing industry with special focus on vehicles, mining and construction equipment and machinery. The company brings together the shipping and logistic businesses of EUKOR Car Carriers, WWL AS and American RoRo Carriers. For more information see www.walleniuswilhelmsen.com

Media contact: Anna Larsson, head of corporate communication & CSR email: anna.larsson@walleniuswilhelmsen.com Tel: +47 484 06 919

IR contact: Bjørnar Bukholm, head of corporate finance, strategy & IRO Tel +47 980 72 778 email: bjornar.bukholm@walleniuswilhelmsen.com

Source: NewsWeb