Degussa Subsidiary to Pay $1.5M Fine
WASHINGTON (AP) _ A subsidiary of German chemical giant Degussa AG has agreed to pay a $1.5 million fine after pleading guilty to a price-fixing conspiracy, the Justice Department announced Monday.
Degussa U.K. Holdings Ltd. pleaded guilty to one count of conspiring to fix the prices of two chemicals used to make a wide variety of rubber and plastic products. The charges covered the sale of these chemicals in the United States and elsewhere from August 1997 to March 1998.
During the time of the conspiracy, the company operated independently as Laporte PLC. It was later acquired by Dusseldorf-based Degussa, which describes itself as Germany’s third-largest chemical company.
Degussa is cooperating in the ongoing investigation, U.S. officials said. The guilty plea and fine were part of an agreement filed in U.S. District Court in San Francisco.