Beijing: Chinese regulators have slapped Swedish firm Tetra Pak with a 668 million yuan ($98.5 million) fine following an anti-trust probe into the global packaging giant.
The company was found to have used its "dominant market position" to force suppliers to use its services and restrict their cooperation with rivals, a statement from the State Administration for Industry and Commerce (SAIC) said Wednesday.
In a statement on its website, Tetra Pak said that it had "consistently attached importance to operating in accordance with regulations," adding that, although the decision was "regrettable" it would not file an appeal.
Tetra Pak's products include packaging for milk. The company has supplied Chinese dairy giant Mengniu and participated in a programme to boost sustainable dairy farming in China.
Authorities announced the investigation into the company in July 2013 among a wave of probes targeting companies involved in the manufacture of dairy products, especially baby formula.
The National Development and Reform Commission (NDRC), China's top economic planner, has also targeted Nestle unit Wyeth Nutrition, France's Danone, Mead Johnson Nutrition, Abbott Laboratories and Dutch firm Royal FrieslandCampina over what it described as high prices for formula.
Tetra Pak has more than 23,000 employees and its packages are available in 170 countries.
It is part of the private Tetra Laval group, which is owned by the Swedish Rausing family.
Tetra Pak entered the China market in 1972, according to its website. It has a research centre in Shanghai and packaging material plants in several Chinese cities.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
The company was found to have used its "dominant market position" to force suppliers to use its services and restrict their cooperation with rivals, a statement from the State Administration for Industry and Commerce (SAIC) said Wednesday.
In a statement on its website, Tetra Pak said that it had "consistently attached importance to operating in accordance with regulations," adding that, although the decision was "regrettable" it would not file an appeal.
Authorities announced the investigation into the company in July 2013 among a wave of probes targeting companies involved in the manufacture of dairy products, especially baby formula.
Advertisement
Tetra Pak has more than 23,000 employees and its packages are available in 170 countries.
Advertisement
Tetra Pak entered the China market in 1972, according to its website. It has a research centre in Shanghai and packaging material plants in several Chinese cities.
Advertisement
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
COMMENTS
Advertisement
What Google Said After Facing Rs 936 Crore Fine In India Google Ordered To Pay $5 Billion Anti-Trust Fine By European Union South Korea Fines Volkswagen $32 Million For False Advertising Windows Systems Restarting, Throwing Blue Screen Of Death Due To This Error Explained: What Is Causing The Dreaded 'Blue Screen Of Death' On Windows? Flights, Markets, Banks, Stock Exchange: Microsoft Outage Crippling Sectors Central Railways Jobs 2024: Applications For 2,424 Apprentice Posts Begin "Too Little Too Late": Ola CEO Slams Google For Slashing Maps' Fee Flights, Markets, Banks, Stock Exchange: Microsoft Outage Crippling Sectors Track Latest News Live on NDTV.com and get news updates from India and around the world.