Stora Faces Price Fixing Charge
HARTFORD, CT—Stora Enso North America has been indicted by a federal grand jury here for allegedly participating in a price-fixing conspiracy to drive up the cost of paper used for magazines and catalogs.
According to the Associated Press, the Wisconsin Rapids, WI-based manufacturer is accused of conspiring to inflate prices between August 2002 and June 2003. The indictment claims Stora Enso agreed to the plan in a meeting with an unidentified competitor.
In a release from its global headquarters in Helsinki, parent company Stora Enso Oyj denied any wrongdoing and said it would enter a plea of not guilty at the arraignment. The company anticipates a trial sometime this year.
Violations carry a maximum fine of $10 million, according to the AP.
The indictment comes on the heels of NewPage’s complaint with the International Trade Commission that several Asian countries, including China, were dumping paper in the United States.