EU repays Elementis €23.4m after dismissing verdict

4th Jul 2011 12:47

Speciality chemicals supplier Elementis said the European Commission has revoked its decision against the company and its affiliates for allegedly participating in a cartel that fixed prices for heat stabilizers, saying the verdict had no legal basis. In addition to dismissing its decision, the European Commission will repay Elementis the full fine amount of €23.4m plus interest. The Commission repealed the decision after Elementis lodged a successful appeal with the General Court of the European Union; that Court affirmed in another case the legal principles invoked by Elementis.In November 2009, Elementis, along with 24 other companies, were fined a total of €173m for allegedly fixing prices for heat stabilisers, which are chemicals used in heat resistant packaging products.The company, once again, reaffirmed that its policy is to conduct its business in full compliance with all applicable laws including competition laws.Shares of the FTSE 250 component rose 4.3% to 180p in London. AR