AkzoNobel today confirmed it has received full immunity from a €17.4 million fine which would otherwise have been imposed by the European Commission following an investigation into price fixing involving the company's Calcium Carbide business between November 2004 and November 2006.
The infringement was reported to the European Commission by AkzoNobel at the end of 2006 and an application for immunity was made.
AkzoNobel regrets the inappropriate actions taken by certain individuals and stresses that the breach was reported internally through the company's intensified competition law compliance program. Immediate steps were then taken to report the infringement to the appropriate authorities and AkzoNobel has cooperated fully throughout the investigation.
A strict zero tolerance policy is in place throughout AkzoNobel for any anti-competitive behavior.
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AkzoNobel is proud to be one of the world's leading industrial companies. Based in Amsterdam, the Netherlands, we make and supply a wide range of paints, coatings and specialty chemicals - 2008 revenue totaled €15.4 billion. In fact, we are the largest global paints and coatings company. As a major producer of specialty chemicals we supply industries worldwide with quality ingredients for life's essentials. We think about the future, but act in the present. We're passionate about introducing new ideas and developing sustainable answers for our customers. That's why our 60,000 employees - who are based in more than 80 countries - are committed to excellence and delivering Tomorrow's Answers Today(TM).
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