PRESS RELEASE

INDUSTRY: ANTITRUST LAUNCHES INVESTIGATION TO VERIFY THE EXISTENCE OF AN AGREEMENT IN RESTRAINT OF COMPETITION IN THE MARKET FOR THE PRODUCTION OF FLEXIBLE POLYURETHANE FOAM

The initial proceedings was notified today to the companies Olmo Giuseppe Spa, Orsa Foam SpA, Vefer Spa, Pelma Spa and Sitab P.E. Spa in the course of some inspections carried out in collaboration with the Competition Group of the Special Market Protection Unit of the Guardia di Finanza

The Competition Authority, at a meeting on 3 April 2014, decided to launch an investigation into whether five companies active in the production of flexible polyurethane foam have had in place an anti-competitive agreement. The measure was notified to the companies concerned (Olmo Giuseppe Spa, Orsa Foam SpA, Vefer Spa, Pelma Spa and Sitab P.E. Spa) in the course of some inspections carried out in collaboration with the Competition Group of the Special Market Protection Unit of the Guardia di Finanza.

According to a received report the companies, which are among the leading manufacturers of flexible polyurethane foam (product mainly used by the furniture and automotive industry for the production of mattresses and pillows, upholstery for sofas, chairs and seats), would gather periodically, including in meetings of the trade association, to exchange price lists, decide the timing of price increases and share customers. Mechanisms are also said to exist to discourage the customer mobility through the concerted provision of higher prices to those that address to different companies from their usual supplier.

The process must be completed by 31 May 2015.

Rome, 8 April 2014