The European Fee launched a probe into Corning earlier this month, and the corporate rapidly responded by providing concessions. The EU accuses Corning of antitrust practices, together with binding its purchasers with exclusivity contracts to push out different glass makers within the smartphone trade.
Corning’s concessions embody waiving all exclusivity clauses in its present agreements in addition to promising to not embody such clauses in its future contracts. Furthermore, the tempered glass maker will now not power minimal portions on prospects.
If accepted, the modifications will have an effect on Corning’s contracts worldwide and the European Fee will monitor the agency for 9 years to make sure compliance.
Third events can problem the ruling inside six weeks earlier than it goes into impact. In case Corning breaches the cope with the EC, it would face fines of as much as 10% of its worldwide turnover for 2023, which is round $1.25 billion.
