Commission action regarding applications for prior approval: Following a public comment period, the Commission has ruled on applications for prior approval of transactions from the following entities:
- The FTC has approved the application of Glaxo Wellcome plc, a British firm, to divest the worldwide assets relating to the research, development, manufacture, distribution and sale of a migraine headache medicine to Zeneca Limited, which is based in London, England. The assets relate to 311C90, a non-injectable 5HTID agonist formerly owned by Wellcome plc. Divestiture of these assets was required under a 1995 consent order settling charges over Glaxo’s acquisition of Wellcome, and is intended to restore competition for the medicine. (See March 16, 1995 news release for more details regarding the consent order; Docket No. C-3586; Commission vote on Sept. 6 to approve the divestiture was 5-0.) FTC staff contact is Dan Ducore, 202-326-2526.
- The FTC has approved the application of Mustad International Group NV, of Bulle, Switzerland, and its subsidiary, Mustad Connecticut, Inc., of Bloomfield, Connecticut, to divest certain assets relating to the horseshoe nailmaking business to Metallurgica Rusconi Domenico SAS, which owns the "Mondial" trademark and is based in northern Italy. Divestiture was required under a 1995 consent order settling charges that, through a series of acquisitions, Mustad illegally monopolized the sale of rolled horseshoe nails in the United States, which allowed the firms to raise prices as much as 50 to 75 percent. The divestiture is designed to re-establish a viable competitor in the market. (See Nov. 7, 1995 news release for more details regarding the consent order; Docket No. C-3624; Commission vote on Sept. 6 to approve the divestiture was 5-0.) FTC staff contact is Roberta Baruch, 202-326-2861.
Consent agreements given final approval: Following a public comment period, the Commission has made final consent agreements with the following entities. The Commission action makes the orders binding on the respondents.
- Precision Moulding Co., Inc., of Cottonwood, California, settling charges that this firm, which is the leading supplier of wood products used to construct frames for artists’ canvases, attempted to fix prices and restrain trade in the market for these products, called stretcher bars. The consent order bars Precision Moulding from requesting, suggesting, urging or advocating that any competitor raise, fix or stabilize prices or price levels, and from entering into any agreement or conspiracy to fix, raise or maintain prices. (See June 12, 1996 news release for more details regarding the complaint and consent agreement; Docket No. C-3682; Commission vote on Sept. 3 to issue as final was 5-0.) FTC staff contact is Michael E. Antalics, 202-326-2821.
- Raytheon Company, of Lexington, Massachusetts, settling charges that its $455 million acquisition of Chrysler Technologies Holding, Inc. violated antitrust laws by reducing competition for the U.S. Navy’s procurement of a Submarine High Data Rate system (a satellite communications system). The consent order required Raytheon to erect an information "firewall" to preclude the exchange of sensitive information concerning the system between Raytheon and Chrysler prior to the completion of the competitive procurement. Chrysler was a second-tier subcontractor for GTE Corporation, a firm that was competing with Raytheon to win the Navy contract for the system. (See June 13, 1996 news release for more details regarding the complaint and consent agreement; Docket No. C-3681; Commission vote on Sept. 3 to issue the order as final was 5-0.) FTC staff contact is James H. Holden, 202-326-2682.
Copies of documents related to these actions are available from the FTC’s Public Reference Branch, 6th Street and Pennsylvania Avenue, N.W., Washington, D.C. 20580; 202-326-2222; TTY for the hearing impaired 1-866-653-4261. To find out the latest news as it is announced, call the FTC NewsPhone recording at 202-326-2710. FTC news releases and other materials also are available on the Internet at the FTC’s World Wide Web site at: http://www.ftc.gov.