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"Conspiracies rarely exist."
-- Dennis Gartman in The Gartman Letter, September 14, 2004
* * *
Bayer Pleads Guilty
in Price-Fixing Conspiracy,
Will Pay $33 Million Fine
U.S. Department of Justice Statement
Thursday, September 30, 2004
http://www.usdoj.gov/opa/pr/2004/September/04_at_661.htm
WASHINGTON -- Bayer Corp., the Pittsburgh subsidiary
of German firm Bayer AG, has agreed to plead guilty
and to pay a $33 million criminal fine for participating
in a conspiracy to fix prices of a chemical used in a
number of consumer products, including plastic grocery
bags, shoe soles, and automotive parts, the Department
of Justice announced today.
Today's charge is the first in an ongoing investigation
of this product, polyester polyols.
Polyester polyols are also used in automotive coatings,
filters, belts, seals and gaskets, adhesives,
sound-proofing products, and textiles. The chemical
involved in the Bayer case, aliphatic polyester polyols
made from adipic acid, is added to other chemicals to
improve tensile strength and resistance to abrasion.
According to the one-count felony charge filed in the
U.S. District Court in San Francisco, Bayer Corp.
conspired from 1998 to 2002 with an unnamed producer
and unnamed individuals to suppress and eliminate
competition in the United States for aliphatic polyester
polyols made from adipic acid. Under the plea
agreement, which must be approved by the court, Bayer
Corp. has agreed to assist the government in its ongoing
investigation.
"Today's charge represents a significant step in our
continuing effort to eliminate illegal cartel activity,"
said R. Hewitt Pate, Assistant Attorney General in charge
of the Department's Antitrust Division.
The Department charged that Bayer and unnamed
co-conspirators carried out the conspiracy by:
-- Participating in conversations and meetings to
discuss, raise, and maintain the prices of aliphatic
polyester polyols made from adipic acid to be sold in
the U.S. and elsewhere;
-- Participating in conversations and attending meetings
concerning implementation and adherence to the
agreements reached;
-- Issuing price announcements and price quotes in
accordance with the agreements reached;
-- And exchanging information on the sale of aliphatic
polyester polyols made from adipic acid in the U.S.
and elsewhere.
Bayer Corp. was charged with violating Section 1 of
the Sherman Act, which carries a maximum fine of
$10 million for corporations and a maximum penalty
of three years imprisonment and a fine of $350,000
for individuals for violations occurring before June 22,
2004. The maximum statutory fine may be increased
to twice the gain the conspirators derived from the
crime or twice the loss suffered by the victims of the
crime, if either of those amounts is greater than the
statutory maximum fine.
Today's charge is the result of an ongoing investigation
being conducted by the Antitrust Division's San
Francisco Field Office and the Federal Bureau of
Investigation in San Francisco.
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