The European Commission decided Wednesday to impose heavy fines on four groups of companies for allocating sales volumes and fixing prices for sodium chlorate paper bleaching.
From late 1994 to early 2000, the companies concerned, including Akzo Nobel and Finnish Chemicals, operated a cartel in which they allocated sales volumes and fixed prices.
Representatives from those companies held regular meetings to discuss prices and volumes, exchange sensitive commercial information, and follow up the implementation of their illegal agreements.
The commission said their practices were in violation of the European Union's ban on cartels and restrictive business practices, resulting in a total fine of 79 million euros (123 million U.S. dollars).
"These companies have to learn the hard way that the commission will impose high fines when they rip off their customers, and ultimately consumers, by forming a cartel," EU Competition Commissioner Neelie Kroes said in a statement.
Sodium chlorate is mainly used to produce chlorine dioxide, which is used in the pulp and paper industry for the bleaching of chemical pulp.
The commission's investigation was triggered by an application for immunity lodged by EKA Chemicals, one of the offenders, in March 2003.
Source: Xinhua
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