The European Commission launched an investigation into Corning earlier this month, and the company immediately responded by making concessions. The EU has accused Corning of antitrust practices, including binding its customers with exclusivity contracts to exclude other glass makers in the smartphone industry.
Corning’s concessions included waiving all exclusivity clauses in its current agreements as well as promising not to include such clauses in its future contracts. Additionally, tempered glass manufacturers will no longer put pressure on customers for minimum quantities.
If accepted, the changes will affect Corning’s contracts worldwide and the European Commission will monitor the firm for nine years to ensure compliance.
Third parties can challenge the decision within six weeks before it takes effect. If Corning violates the agreement with the EC, it would face fines of up to 10% of its worldwide turnover for 2023, amounting to about $1.25 billion.
