A record €1.47 billion fine has been imposed by the European Commission (EC) on seven global manufacturers of cathode ray tubes (CRT), for their allegedly anti-competitive activities during the one decade period from between 1996 to 2006.

The seven companies which have been fined by EC include Philips, LG Electronics, Samsung, Panasonic, Toshiba, Technicolor, and MTPD. These companies collided to fix the prices of CRTs which are one of the key components for manufacturing TV and computer screens, and account for 50-70 percent of the total cost of a screen.

Out of all the seven CRT-manufacturing companies to have been penalized by the EC, the highest fine, of €313.4 million, has been imposed upon Philips, followed by LG Electronics, which has been fined €295.6 million.

The fine was imposed by the EC after the European anti-trust investigators found that the seven companies had indulged in competition-thwarting behavior over the mentioned ten-year period. However, although the EC said that the price-fixing policy of the companies was a worldwide practice, the competition authorities of other countries have not arrived at the same conclusion.

Nonetheless, about the price-fixing practice of the companies, EC vice president Joaquin Almunia, said: "This gives an indication of the serious harm this illegal behaviour has caused both to television and computer screen producers in the EEA, and ultimately the harm it caused to the European consumers over the years."