Siemens has said it will appeal a fine for illegally fixing prices in a cartel, which it led.
The European Commission Wednesday imposed the €418.7 million (£275.8m) fine for Siemens' involvement in a cartel fixing prices in the gas-isolated switchgear systems (GIS) market. Eleven companies were fined a total of €750.7 million with Siemens being fined the most for its cartel leadership activities.
However, while Siemens has stated it is appealing, it is only questioning the size of the fine rather than the offence itself.
A statement from the company said: "Price fixing in the GIS segment took place only in a few projects in the European economic area and only in the period between October 2002 and April 2004." It denied the blanket accusation of the Commission that it participated in a cartel in the European GIS market between 1988 and 2004, saying: "Internal investigations indicate that three Siemens PTD employees fixed prices between October 2002 and April 2004. These employees were suspended immediately after accusations became known and no longer work for Siemens."