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. Last Updated: 07/27/2016

$100M Price-Fix Fine




BRUSSELS, Belgium -- The European Union Commission on Wednesday fined Archer Daniels Midland Co. of the United States and four other companies 110 million euros ($115 million) for running a global price-fixing cartel for lysine, an amino acid used in animal foodstuffs.


The other firms were Ajinomoto Co. and Kyowa Hakko Kogyo Co., both of Japan, and Sewon Co. and Cheil Jedang Ltd. of South Korea.


In 1998, U.S. and Canadian authorities found ADM, Ajinomoto, Kyowa Hakko, Sewon and Cheil guilty of price-fixing.


In a statement, the Commission said the four are a cartel that ''represents a very serious infringement of [EU] competition rules and justifies heavy fines.''