European Commission issues decision concerning the power cable sector
Paris, April 2, 2014 The European Commission announced its decision today to fine Silec Cable, a former subsidiary of Sagem, concerning a cartel on high-voltage underground power cables from November 2001 to December 2005. This fine follows an inquiry initiated by the European Commission in 2009, concerning a cartel between the main players in the underground and submarine high-voltage power cable sector, from 1999 to 2008. The Commission took into account Silec Cable's limited participation in the cartel, setting the amount of the fine at 8,567,000 euros. This fine will not have a significant impact on the Group's results because of provisions that were previously set aside. Safran, formed by the merger of Snecma and Sagem in 2005, sold Silec Cable to General Cable in December 2005, and was totally unaware of the practices that have been incriminated. Safran confirms its commitment to strict compliance with all competition laws and regulations. Right from its creation, Safran deployed a legal department including a unit dedicated to competition law.
Safran is a leading international high-technology group with three core businesses: Aerospace (propulsion and equipment), Defence and Security. Operating worldwide, the Group has 66,200 employees and generated sales of 14.7 billion euros in 2013. Working alone or in partnership, Safran holds world or European leadership positions in its core markets. The Group invests heavily in Research & Development to meet the requirements of changing markets, including expenditures of 1.8 billion Euros in 2013. Safran is listed on NYSE Euronext Paris and is part of the CAC40 index.
For more information, https://www.safran-group.com / Follow @SAFRAN on Twitter Press
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