(Alliance News) - Synthomer PLC - Essex, England-based chemicals company - Notes GBP37.1 million fine from European Commission, which is less than GBP40.1 million provision announced in its interim results in August. Says the fine follows the commission's investigation into styrene monomer purchasing practices between 2012 and 2018, which the commission described as participating in a "cartel".
Synthomer first disclosed the EU investigation to the market in June 2018 and has since completed a review of its compliance and procurement functions.
Five other companies also receive fines, with Synthomer receiving the largest. All six companies admit their involvement and agree to settle the case. The fine is payable in 2023.
Current stock price: 142.30 pence
12-month change: down 70%
By Greg Rosenvinge; gregrosenvinge@alliancenews.com
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Synthomer (SYNT)