Corning looks to settle EU's antitrust case
The European Commission launched a probe into Corning earlier this month, and the company quickly responded by offering concessions. The EU accuses Corning of antitrust practices, including binding its clients with exclusivity contracts to push out other glass makers in the smartphone industry.
Corning"s concessions include waiving all exclusivity clauses in its current agreements as well as promising not to include such clauses in its future contracts. Moreover, the tempered glass maker will no longer force minimum quantities on customers.
If accepted, the changes will affect Corning"s contracts worldwide and the European Commission will monitor the firm for nine years to ensure compliance.
Third parties can challenge the ruling within six weeks before it goes into effect. In case Corning breaches the deal with the EC, it will face fines of up to 10% of its worldwide turnover for 2023, which is around $1.25 billion.
