European Commission raids ethylene purchasing companies

European Commission raids ethylene purchasing companies

6:26 AM, 28th July 2017
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European Union flag.

BRUSSELS, BELGIUM: European Union (EU) antitrust regulators have raided several ethylene purchasing companies, including Swiss chemicals maker Clariant and US rival Celanese Corporation, over concerns the firms may have participated in a cartel.

Clariant confirmed the EU investigation, while Celanese said some of its units were being investigated. Ethylene is used to make various chemical and plastic products.

The European Commission said that the raids occurred on May 16 in several European Union countries. It did not name the companies involved.

"The companies concerned may have violated EU antitrust rules that prohibit cartels and restrictive business practices," the EU competition enforcer said in a statement.

Companies face fines up to 10 percent of their global turnover for breaching EU antitrust rules.

© Reuters News

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