Clariant receives fine following a European competition law investigation
Muttenz, July 14, 2020– Clariant, a focused, sustainable and innovative specialty chemical company, today announced that a fine of EUR 155.8 million was imposed as the European Commission has completed its investigation into the ethylene purchasing market. Clariant made a provision for the investigation in 2019.
According to the extensive investigation conducted by the European Commission a single former employee of Clariant infringed on competition law. As a result, Clariant was found liable for this conduct and received a fine.
Clariant deeply regrets the incident and is disappointed that its strong culture of compliance, based on a clear Code of Conduct and an antitrust compliance program including a multitude of tailored antitrust trainings, was not upheld. The company has assisted the relevant authorities throughout the entire investigation and has fully cooperated with the European Commission, a fact that has been recognized and reduced the fine. Clariant will continue to promote the highest ethical standards and ensure compliance in the future.
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This media release contains certain statements that are neither reported financial results nor other historical information. This document also includes forward-looking statements. Because these forward-looking statements are subject to risks and uncertainties, actual future results may differ materially from those expressed in or implied by the statements. Many of these risks and uncertainties relate to factors that are beyond Clariant’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of governmental regulators and other risk factors such as: the timing and strength of new product offerings; pricing strategies of competitors; the Company’s ability to continue to receive adequate products from its vendors on acceptable terms, or at all, and to continue to obtain sufficient financing to meet its liquidity needs; and changes in the political, social and regulatory framework in which the Company operates or in economic or technological trends or conditions, including currency fluctuations, inflation and consumer confidence, on a global, regional or national basis. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document. Clariant does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of these materials.
Clariant is a focused, sustainable and innovative specialty chemical company based in Muttenz, near Basel/Switzerland. On 31 December 2019, the company employed a total workforce of 17 223. In the financial year 2019, Clariant recorded sales of CHF 4.399 billion for its continuing businesses. The company reports in three business areas: Care Chemicals, Catalysis and Natural Resources. Clariant’s corporate strategy is based on five pillars: focus on innovation and R&D, add value with sustainability, reposition portfolio, intensify growth, and increase
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