DAILY NEWS Dec 5, 2007 12:14 PM - 0 comments

Bayer fined $345,000 for polyol price fixing

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Chemical giant Bayer Group pleaded guilty to participating in three international price fixing conspiracies in the rubber and chemicals industry, Canada's Competition Bureau announced last week.

"The Competition Bureau will not hesitate to prosecute any business, whether in Canada or abroad, that participates in price fixing cartels in the Canadian market," said Denyse MacKenzie, senior deputy commissioner of Competition.

"Such conspiracies prevent Canadians from reaping the benefits of a competitive marketplace, such as product choice and lower prices," she continued.

Bayer AG was fined a total of $3.645 million, but rubber chemicals accounted for the bulk of the fine. The company was fined $2.9 million for its part in a rubber chemicals conspiracy, and $400,000 for its role in a nitrile rubber conspiracy.

In addition, Bayer AG's U.S. subsidiary Bayer Corporation was fined $345,000 for participating in a conspiracy to fix the price of aliphatic polyester polyols made from adipic acid.

Aliphatic polyester polyols from adipic acid are often used in the production of polyurethane products.

Bayer pleaded guilty to violating section 45 of the Competition Act in each instance.

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