Bayer Corporation Reaches Agreement With U.S. Department of Justice in Polyester Polyols Investigation.PITTSBURGH -- Bayer Corporation today confirmed that it has reached agreement with the U.S. Department of Justice to settle charges related to allegations that Bayer Corporation engaged in anti-competitive activities from February 1998 through December 2002 involving adipic-based polyester polyester, synthetic fiber, produced by the polymerization of the product formed when an alcohol and organic acid react. The outstanding characteristic of polyesters is their ability to resist wrinkling and to spring back into shape when creased. polyols polyols (pol´ēôlz), n.pl substances made up of two or more alcohols. See also sugar alcohols. . Under the terms of the agreement, Bayer Corporation agreed to plead plead v. 1) in civil lawsuits and petitions, the filing of any document (pleading) including complaints, petitions, declarations, motions, and memoranda of points and authorities. guilty and to pay a fine of $33 million. The company will set up a respective provision in the third quarter of 2004. Bayer Corporation has cooperated with the Department during the investigation. The agreement, if approved by the court, resolves all criminal charges against Bayer for activities related to its adipic-based polyester polyols business. Adipic-based polyester polyols are a distinct type of a polyol raw material supplied to customers who produce polyurethanes polyurethanes (pŏl'ēy  r`əthānz), group of plastics that may be either thermosetting or thermoplastic. Polyurethane can be made into both flexible and rigid foams. . Adipic-based
polyester polyols are not urethanes.
Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This news release contains forward-looking statements based on current assumptions and forecasts made by Bayer Group management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in our public reports filed with the Frankfurt Stock Exchange Frankfurt Stock Exchange The largest of Germany's eight securities exchanges, operated by Deutsche Borse AS. and with the U.S. Securities and Exchange Commission (including our Form 20-F). The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments. |
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