Settlement reached between Bong and European Commission
Bong AB (NASDAQ OMX Stockholm: BONG) has reached a settlement with the European Commission. For Bong, this definitively concludes an investigation that has been ongoing since 2010 regarding alleged infringement of European competition law between five envelope companies, during the period October 2003 to April 2008. As a result of the settlement, Bong will pay EUR 3,118,000 to the European Commission.
"It is important for Bong to put this behind us and focus on developing the business. The events that caused the European Commission's investigation are in many cases more than ten years old", says Bong's CEO Stephane Hamelin. "We do not agree with all aspects of the authority’s investigation. However, we have decided to go ahead with a settlement in order to put an end to this process and be able to move on".
By reaching this settlement, Bong can stay focused on business development. The company has developed and launched a comprehensive restructuring program which is currently being rolled out across the Group. Bong expects it to significantly improve the company’s competitiveness and add to growth opportunities. Bong’s new focus lies on specialty packaging, and on expansion into new markets, especially in Eastern Europe.
For further information, please contact Stephane Hamelin, CEO, Bong AB. +46 (0)44 20 70 00 (main switchboard).
Bong is a leading provider of specialized packaging and envelope products in Europe, offering solutions for distribution and packaging of information, advertising materials and lightweight goods. Important growth areas in the Group are the light packaging and E-commerce packaging concept, as well as Eastern Europe. The Group has annual sales of approximately SEK 2.5 billion and about 1,900 employees in 15 countries. Bong has strong market positions in the majority of key markets in Europe, and the Group sees interesting possibilities for continued expansion and development. Bong is a public limited company and its shares are listed on NASDAQ OMX Stockholm Small Cap.
