Akzo fined $3.15M for price fixing

The Federal Court of Canada fined Dutch multinational Akzo Nobel Chemicals International BV $3.15 million after it pleaded guilty to criminal charges for fixing the price of hydrogen peroxide, the Competition Bureau said Friday.

A bureau investigation showed that between October 1998 and June 2001, Akzo Nobel and other unnamed companies agreed to fix the price of hydrogen peroxide, used in the pulp and paper industry as a bleaching agent, and by households to treat minor cuts.

Sales of hydrogen peroxide were about $470 million during the bureau's investigation. Akzo Nobel held about five per cent of the market.

"Price-fixing agreements deny Canadians the benefits of free and open competitive markets," competition commissioner Sheridan Scott said in a news release.

The bureau said it was helped by an "immunity applicant," a person who discloses an unknown offence. Such a person may be given immunity from criminal charges.

The bureau said it's continuing to investigate the international conspiracy.