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Finnish court fines Valio for 70 mln euros for lowering milk prices

December 29, 2016, 14:01 UTC+3 HELSINKI

Valio is the largest supplier of dairy products in Finland

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© Kylie Townsend/Getty Images

HELSINKI, December 29. /TASS/. Finland’s Supreme Administrative Court has ruled that the Finnish dairy company Valio should pay a 70 mln euros fine for abusing its dominant market position in the local fresh milk market, the company’s press service reported on Thursday.

"On December 29, the court took the decision regarding milk prices in Finland in 2010-2012.The court found that Valio abused its position on the market at that time and sold milk at a very low price. The court obliged the company to pay the fine of 70 mln euros," according to the statement.

A spokesman with the company noted that now Valio’s competitors may claim compensations through the court and this process may take years. The spokesman also said that Valio’s management is disappointed with the verdict but added that the verdict is final.

Valio is the largest supplier of dairy products in Finland and the main Finnish exporter of these products to Russia.

In 2013, Valio’s exports to Russia exceeded 242 mln euros, which accounted for more than 85% of the total exports of Finland, which later came under Russian countersanctions. These countermeasures resulted in big financial losses of the Finnish company making it cut personnel several times.

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