Akzo Nobel Agrees to Pay USD 12 Million for Violation of United States Antitrust Law.Business Editors ARNHEM, the Netherlands--(BUSINESS WIRE)--June 27, 2001 Akzo Nobel Akzo Nobel is a multinational company, active in the fields of healthcare products, coatings and chemicals. Headquartered in Amsterdam, the Netherlands, the company has activities in more than 80 countries, and employs approximately 62,000 people. Chemicals B.V., based in the Netherlands, today agreed to plead guilty and pay a USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 12 million fine for participating in a price-fixing and market-allocation conspiracy in the United States monochloroacetic acid (MCAA MCAA Mason Contractors Association of America (Oakbrook Terrace, Illinois) MCAA Messenger Courier Association of the Americas MCAA Marine Corps Aviation Association MCAA Mechanical Contractors Association of America, Inc. ) industry from September 1995 through August 1999. In addition, the executive responsible for Akzo Nobel's MCAA business agreed to plead guilty, pay a USD 20,000 fine and serve ninety days in prison for his role in the conspiracy. Mr. Cees van Lede, Chairman of the Board of Management of Akzo Nobel, stated, "This guilty plea relates to an unfortunate chapter with respect to the Company's past practices in the United States. Compliance with all applicable antitrust laws antitrust laws n. acts adopted by Congress to outlaw or restrict business practices considered to be monopolistic or which restrain interstate commerce. The Sherman Antitrust Act of 1890 declared illegal "every contract, combination.... and competition laws is a top priority within Akzo Nobel." In addition, Akzo Nobel is cooperating with the United States Department of Justice “Justice Department” redirects here. For other uses, see Department of Justice. The United States Department of Justice (DOJ) is a Cabinet department in the United States government designed to enforce the law and defend the interests of the United States with respect to the Department's ongoing investigation in MCAA, and also with respect to other investigations in other chemical industries. The Company has also settled with numerous affected United States MCAA purchasers, and is continuing to make efforts to settle with additional customers. MCAA is a reactive compound that is used in the formation of a number of intermediate chemicals including drilling fluids, plastic stabilizers, herbicides and pharmaceuticals. As announced at the publication of the 2000 consolidated financial results, Akzo Nobel reserved EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 170 million for pending investigations into alleged antitrust violations in a number of jurisdictions. The above mentioned MCAA case is one of the cases referred to in the 2000 financials and the guilty plea entered into by Akzo Nobel Chemicals B.V. in the United States is covered by this provision. Note for the editor Akzo Nobel, based in the Netherlands, serves customers throughout the world with healthcare products, coatings and chemicals. Consolidated sales for 2000 totaled EUR 14 billion (USD 13 billion, GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 8.5 billion). The Company currently employs 68,800 people in more than 75 countries. Financial results for the second quarter of 2001 will be published on July 25, 2001. Internet: http://www.akzonobel.com |
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