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UPM Granted Conditional Immunity in Antitrust Case

Feb. 20, 2006 - UPM said that the U.S. Department of Justice Antitrust Division will not bring criminal charges against the company with respect to the criminal investigation of anti-trust and related offences in the US labelstock industry.

In addition, the U.S Antitrust authority has granted UPM a conditional full immunity and will not bring any criminal prosecution against UPM in connection with possible price fixing activity in the magazine paper industry, UPM said.

Both agreements are subject to UPM's full and continuing cooperation with the U.S. Department of Justice Antitrust Division investigations and protect the company and UPM's current and former employees except the company's former President and CEO, Mr Juha Niemelš, UPM said.

In August 2003, UPM received a grand jury subpoena in connection with the US Department of Justice Antitrust Division's investigation into the US labelstock industry. On January 15, 2004, UPM decided to approach the competition authorities in the European Union, the United States and Canada, and subsequently in other countries. The EU authorities and the authorities in several of its member states, Canada and certain other countries have informed UPM earlier that it has received conditional full immunity with respect to certain conduct disclosed to the authorities.

SOURCE: UPM




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