The Australian government has upheld a dumping allegation laid by Fisher & Paykel Appliances against washing machines imported into Australia by Korean firm LG Electronics.
In a statement to the stock exchange, F&P Appliances said in July 2002 it alleged Korean exporters were dumping washing machines in the Australian market.
In September2003, following an investigation, Australian Customs imposed dumping duties spread across a range from 2 to 10 per cent and 35 to 45 per cent on a number of Korean firms, including Daewoo Electronics, Samsung Electronics Korea and other exporters -- but not LG Electronics.
Fisher & Paykel and Daewoo then applied for a review of the decision and as a result of Customs' new findings, exports of washing machines by LG Electronics Inc over the investigation period, were considered dumped, with a dumping margin in the range of 2 to 10 per cent.
Shares in F&P Appliances were up 1c at 405 in early trading this morning.
