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BAYER CORPORATION REACHES AGREEMENT WITH U.S. DEPARTMENT OF JUSTICE IN POLYESTER POLYOLS INVESTIGATION
30 September 2004 - Bayer MaterialScience AG
| Bayer Corporation today confirmed that it has reached agreement with the U.S. Department of Justice to settle charges related to allegations that Bayer Corporation engaged in anti-competitive activities from February 1998 through December 2002 involving adipic-based polyester polyols. |
Under the terms of the agreement, Bayer Corporation agreed to plead guilty and to pay a fine of $33 million. The company will set up a respective provision in the third quarter of 2004. Bayer Corporation has cooperated with the Department during the investigation. The agreement, if approved by the court, resolves all criminal charges against Bayer for activities related to its adipic-based polyester polyols business. Adipic-based polyester polyols are a distinct type of a polyol raw material supplied to customers who produce polyurethanes. Adipic-based polyester polyols are not urethanes.
http://www.bayermaterialscience.com
About: Bayer MaterialScience AG
Bayer Corporation, headquartered in Pittsburgh, is part of the worldwide Bayer Group, an international health care, nutrition and innovative materials group based in Leverkusen, Germany. Bayer employs 23,300 in North America with net North American sales of 8.8 billion euros in 2003. Bayer’s three operating business areas – HealthCare, CropScience and MaterialScience, improve people’s lives through a broad range of essential products that help diagnose and treat diseases, protect crops and advance automobile safety and durability.Bayer MaterialScience AG is one of the world's largest producers of polymers and high-performance plastics. The main customers for Its innovative developments in coatings, adhesives, insulating materials and sealants, polycarbonates and polyurethanes are the automotive and construction industries, the electrical/electronics segment and manufacturers of sports and leisure goods, packaging, and medical devices. |
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