Engineering group ABB under investigation
The Swiss-Swedish manufacturer is under an EU investigation into anti-trust violations.ZURICH - Swedish-Swiss engineering group ABB on Thursday said it is among manufacturers of power transformers being investigated by the European Commission for alleged anti-competitive practices.
"This is part of the ongoing investigation in the power transformer business, for which the European Commission conducted dawn raids at the premises of an ABB unit in Bad Honnef, Germany, in February 2007," said the group in a statement.
A statement of objections sent by the Commission to ABB is a formal step in antitrust investigations, when the Commission informs the parties concerned of the objections raised.
The party concerned can then reply in writing or request an oral hearing to present its points before the Commission takes a decision on the case.
Power transformers are key components in electricity transmission networks, reducing or increasing the voltage in an electrical circuit.
[AFP / Expatica]