KENDRION N.V. 
By K E N D R I O N N . V .
1 6 N O V E M B E R 2 0 1 1General Court of the European Union upholds EU fine imposed on Kendrion
On 30 November 2005, Kendrion N.V. was fined an amount of EUR
34 million (excluding interest) by the European Commission
for infringement of Article 81(1) of the EC Treaty by its
former subsidiary Fardem Packaging B.V., established in Edam.
The fine related to agreements in the industrial bags sector
in the Netherlands and occasionally in Belgium, in which
Fardem Packaging B.V. was involved during a certain period.
In view of the fact that Kendrion N.V. was the sole
shareholder of Fardem Packaging B.V. from June 1995 to
September 2003, a fine was imposed on Kendrion N.V. Kendrion
wishes to emphasise that Fardem Packaging B.V. operated as an
independent enterprise at all times. Kendrion N.V. itself had
no involvement in prohibited agreements.
Kendrion N.V. immediately lodged an appeal at the time with
the General Court of the European Union in Luxembourg against
the fine imposed by the European Commission. A hearing took
place on 9 March 2011.
The General Court today delivered its judgement in the case
brought by Kendrion N.V. (case number T-54/06). The General
Court ruled that the fine is to be upheld in full.
Piet Veenema, CEO of Kendrion:
"We are very disappointed with the judgement of the
General Court. Based partly on various legal opinions, we
took, and continue to take, the position that the fine
imposed was out of all proportion. We will therefore most
likely lodge an appeal with the Court of Justice."
The complete judgement will be available in due course.
Kendrion N.V. has until
16 January 2012 to lodge an appeal with the Court of Justice
of the European Union against the judgement of the General
Court.
The judgement has hardly any impact on the operational
activities of Kendrion and does not influence its ability to
meet its financial covenants and obligations.
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Profile of Kendrion N.V.
Kendrion N.V., a solution provider, develops, manufactures
and markets innovative high-quality electromagnetic systems
and components for customers all over the world.
Kendrion's operations are carried out by four business
units focused on specific market segments, namely Industrial
Magnetic Systems, Industrial Drive Systems, Passenger Car
Systems and Commercial Vehicle Systems.
Kendrion has leading positions in a number of
business-to-business niche markets. Germany is
Kendrion's main market, although other countries are
becoming increasingly important.
Kendrion's activities
Kendrion develops advanced electromagnetic solutions for
industrial applications. These are used by customers all over
the world in systems such as lifts, door-locking systems,
industrial robots, medical equipment, electrical switchbox
systems, diesel engines, air-conditioning installations,
motor cooling systems and beverage dispensers.
Kendrion's key customers include a.o. Bosch, Siemens,
Daimler, Continental, Delphi, Evobus, Hyundai and Yutong.
Kendrion's shares are listed on NYSE Euronext's
Amsterdam market. Zeist, 16 November 2011
The Board
Piet Veenema - Chief Executive Officer
Eiko Ris - Chief Financial Officer
Heinz Freitag - Chief Operating Officer
Kendrion N.V. Mr P. Veenema Utrechtseweg 33
3704 HA ZEIST
THE NETHERLANDS
Tel: +31 - 30 - 699.72.68
Fax: +31 - 30 - 695.11.65
Website: www.kendrion.com
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