UPM Says EU Closes Antitrust Probe
Nov. 16, 2006 (Press Release) - The European Commission competition authority has informed UPM of its decision to close the investigations into newsprint, magazine paper, label paper and self-adhesive labelstock markets.
The fine paper investigation was closed by the Commission in August 2006.
The competition authorities in various countries are continuing investigations into alleged antitrust activities with respect to various products of the company.
In April 2003, the US Department of Justice informed UPM that it had opened a criminal investigation into competitive practices in the labelstock industry. In consequence, UPM initiated an internal investigation of competitive practices in all its units and implemented additional competition law compliance programmes for its employees clearly signalling zero tolerance for any antitrust activity.
In January 2004, after the internal investigation and to follow sound principles of corporate governance, UPM decided to approach competition authorities in the European Union, the United States, Canada and subsequently in other countries. The US Department of Justice, the EU authorities and the authorities in several of its Member States, Canada and certain other countries have granted UPM conditional full immunity or have provided the company with written assurances that it will not be prosecuted with respect to certain conducts disclosed to the authorities.