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AkzoNobel fined following heat stabilizers investigation

12 Nov 2009 - AkzoNobel has confirmed that a fine of up to €40.6 million has been imposed by the European Commission following an investigation into price-fixing involving the company's former Tin Stabilizers (1987-2000) and Esbo/Esters (1991-2000) businesses. These businesses were divested in 2007.
 
The company has cooperated fully with the European Commission throughout the investigation and will now analyze the merits of the decision. The statutory period within which an appeal before the Court of First Instance can be lodged is two months. Given the company's pending review of the decision, AkzoNobel is currently unable to provide any certainty or guidance relating to the timing of ultimate payment and the final amount.
 
The company stresses that it has a strict zero tolerance policy throughout AkzoNobel for any anti-competitive behavior. Its compliance program is constantly updated to minimize the risks of non-compliance with our high ethical standards.