May 30, 2014 / 4:21 PM / in 4 years

CRH's Swiss businesses face $130 million in fines from competition watchdog

DUBLIN (Reuters) - Swiss subsidiaries of CRH face fines of up to 119 million Swiss francs ($133 million) over alleged infringements of competition law, the Irish building materials company said on Friday.

The fines are part of a total 283 million Swiss francs in fines proposed against companies in the bathroom fittings industry in Switzerland, the statement said.

CRH said it viewed the proposed fine as unjustified and said the position of the Swiss competition watchdog is “fundamentally ill-founded.” It said it would prepare a response to the allegations.

Shares in CRH, which had annual sales of 18 billion euros ($24.56 billion)last year, closed down 1.62 percent on the London Stock Exchange.

Reporting by Conor Humphries; Editing by David Goodman

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