Record antitrust fines levied by European Union competition authorities on four glass groups last week could lead to higher glass prices by stifling capital investment, according to the head of one of the penalised glassmakers.

Stuart Chambers, chief executive of Nippon Sheet Glass, Pilkington’s Japanese parent, told the Financial Times that there was “no question” that Pilkington would reduce investment in plant and equipment because of the “astronomical” joint penalty of €1.38bn ($1.75bn).