EU fines 13 chemical producers $228M for feed phosphate price fixing
Secret agreements among companies revealed
European Union regulators fined 13 chemical producers a total of Euro 175.6 million (US$227.5 million) for fixing the price of animal feed phosphates, according to the Associated Press.
A statement made on Tuesday by the European Commission said secret agreements to coordinate prices, allocate customers and market shares and set quotas were in place from March 1969 to February 2004, when Finland chemicals manufacturer Kemira Oyj spoke up. Tessenderlo Chemie NV of Belgium was hit with the largest fine of Euro 83.7 million. France's Timab Industries SA and Compagnie Financiere de Participation Roullier and Spain's Ercros SA were also among those fined.