17 Jul 2012

No appeal by GPG on Coats ruling

11:51 am on 17 July 2012

Guinness Peat Group says it won't appeal a European court decision against its threadmaking business, Coats, and has paid a fine of 138 million euro fine.

Coats lost an appeal to the European General Court to have the fine dropped for its part in a price fixing cartel between 1977 and 1998 - before GPG took ownership of Coats.

It won't appeal to the European Court of Justice, though it maintains the accusations are unfounded.

Coats used its banking facilities to pay the fine.

Separately, GPG has sold its remaining stake in Daniel Thwaites.

The company says it will receive £5.1 million from the sale and a dividend payment.