Investigation and a pending class action lawsuit on behalf of proposed class of direct purchasers of methyl methacrylate ("MMA") and Acrylic Products.
The class action antitrust lawsuit alleges that Arkema Inc., Evonik Degussa Corporation, Imperial Chemical Industries, Lucite International, Inc conspired to fix prices of MMA and Acrylic Products from January 1, 1995 through December 31, 2003.
MMA is the key ingredient used in the production of Acrylic Products containing polymethyl methacrylate ("PMMA"). Arkema Inc., Evonik Degussa Corporation, Imperial Chemical Industries, Lucite International, Inc. are the leading manufacturers of MMA and PMMA.
On May 31, 2006, the European Commission announced that it had determined that several European producers of PMMA, including several of the defendants, participated in a price fixing cartel in the European market for PMMA. The European Commission fined the participants a total of $344,562,500, the the fourth largest fine ever assessed by the European Commission.
Name (Stock Symbol)
Arkema produces industrial chemicals, including acrylics, PMMA, thiochemicals, fluorochemicals, and hydrogen peroxide and of performance products like technical polymers, specialty chemical organic peroxides and additives.
Evonik Degussa Corporation
Evonik Degussa Corporation is the North America arm of German chemical manufacturer, Evonik Degussa GmbH.
Imperial Chemical Industries
Imperial Chemical Industries was a British chemical company. AkzoNobel acquired Imperial Chemical and merged its operations and products into the AkzoNobel company.
Lucite International, Inc
Lucite International produces methacrylate materials and produces a range of high quality monomer, acrylic sheet, polymer and resin products marketed under famous brand names including Lucite and Perspex. Customers convert these into a diverse range of consumer, architectural, high tech and medical products.
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