Akzo Nobel settles antitrust issues
16 March 2006 00:00 in Pharmaceutical Company Financials
Akzo Nobel, the Netherlands-based healthcare, coatings and chemical company, has agreed a deal with the US Department of Justice to plead guilty to an antitrust violation.
The company employs some 61,500 people and is the parent company of healthcare subsidiary Organon.
Akzo Nobel, which has also agreed to pay a $32 million fine, was accused of fixing prices in the US hydrogen peroxide market.
"We regret Akzo Nobel's past conduct and I am determined that we should put the company's previous breaches of competition law behind us," said chief executive officer Hans Wijers.
"We are fully committed to ensuring that events such as this do not occur again and now operate a zero tolerance policy for those who take part in any anti-competitive behaviour."
The company said that its involvement in the antitrust violation case began in 1998, two years before it developed an extensive antitrust compliance programme.© Adfero Ltd
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