Bayer, Crompton and Flexsys investigated for price fixing. (Corporate, Financial News).Bayer AG Bayer AG German chemical and pharmaceutical company. Founded in 1863 by Friedrich Bayer (1825–1880), it now operates plants in more than 30 countries. Bayer has originated scores of pharmaceuticals, chemicals, and synthetic materials; it was the first developer and of Germany, Flexsys NV of Belgium and Crompton of Greenwich, CT, are under investigation for possible price fixing price fixing n. a criminal violation of federal anti-trust statutes, in which several competing businesses reach a secret agreement (conspiracy) to set prices for their products to prevent real competition and keep the public from benefiting from price competition. of rubber chemicals in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Europe. The chemicals are used primarily to process rubber in tires. Major customers include Goodyear, Michelin and Bridgestone. European Commission European Commission, branch of the governing body of the European Union (EU) invested with executive and some legislative powers. Located in Brussels, Belgium, it was founded in 1967 when the three treaty organizations comprising what was then the European Community antitrust regulators carried out surprise inspections at several locations in September and said their investigation into possible price fixing is in a preliminary phase. The purpose of these inspections is to ascertain whether there is evidence of a cartel agreement and related illegal practices concerning price fixing for rubber chemicals, the commission said in a statement. The three companies said they are cooperating with the investigation. All the companies have operations in the Akron, OH, area. |
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