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Philips plans to appeal EU fine for competition violation

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updated 12/5/2012 7:00:58 AM ET 2012-12-05T12:00:58

AMSTERDAM (Reuters) - Philips Electronics said on Wednesday it planned to appeal a European Commission fine for violating competition rules in the cathode-ray tubes industry.

Philips, LG Electronics, Samsung SDI and three other firms were fined a record 1.47 billion euros ($1.92 billion) by EU antitrust regulators for fixing prices of cathode-ray tubes in two cartels lasting nearly a decade.

(Reporting by Gilbert Kreijger; Editing by Sara Webb)

(c) Copyright Thomson Reuters 2012. Check for restrictions at: http://about.reuters.com/fulllegal.asp

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