Commission fines firms over sodium gluconate price fixing

- Last updated on GMT

Related tags: European union, European commission

The European Commission on Tuesday fined six firms 57.53 million
euros for fixing the price and allocating the market for sodium
gluconate.

The European Commission on Tuesday fined six firms 57.53 million euros for fixing the price and allocating the market for sodium gluconate. The Commission said it fined Archer Daniels Midland Co., Akzo Nobel , Avebe BA, Fujisawa Pharmaceutical Co. Ltd , Jungbunzlauer AG and Roquette Freres. According to the Commission the firms engaged in a worldwide cartel for the chemical between 1987 and 1995. Sodium gluconate is used mostly to clean metal and glass. "The companies held regular meetings, where they agreed on individual sales quotas, fixed minimum and target prices and shared out specific customers,''​ the Commission said in a statement explaining its reasons for the fine.

Related topics: Regulation & Policy

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