Issue Date: January 2, 2006
EC imposes pricing fines
The European Commission has imposed a total of $90 million in fines on three firms for fixing the price of rubber chemicals between 1996 and 2001. The commission imposed fines of $70 million on Bayer, $16 million on Chemtura, and $4 million on General Qu??mica. They had fines reduced 20%, 50%, and 10%, respectively, for cooperating with the investigation. Flexsys, a joint venture of Akzo Nobel and Solutia, received immunity as the first to cooperate with the probe. Separately, Chemtura says it paid $50 million to settle the antitrust claims of customers representing more than half of its U.S. rubber chemical sales.
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