Posted in | News | Rubber and Elastomer

Bayer Plead Guilty to Fixing of Rubber Prices

Jul 15 2004

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Bayer AG today confirmed that it has reached agreement with the U.S. Department of Justice to settle charges related to allegations that its rubber chemicals business unit engaged in anti-competitive activities between 1995 and 2001. Under the terms of the agreement, Bayer agreed to plead guilty and to pay a fine of $66 million. The company will set up a respective provision for the second quarter of 2004.

Bayer has cooperated with the Department during the investigation. The agreement, which is subject to court approval, is expected to resolve all criminal charges against Bayer in the U.S. for activities related to its rubber chemicals business.

Bayer’s clear policy is to comply with antitrust laws and the company will not tolerate violations.

For more information on rubber, click here.

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