24 Nov 2004
WASHINGTON (Nov. 23)--Former Bayer A.G. executive Martin Petersen has agreed to plead guilty to charges of participating in a conspiracy to fix prices in the rubber chemicals market during 2000-01.
Petersen was head of global marketing and sales for Bayer's rubber business group during the time in question. He faces up to three years imprisonment and a $350,000 fine, according to the Justice Department.
Petersen, a German national, agreed to assist the government in its ongoing rubber chemicals investigation, the DOJ said.
Bayer A.G. earlier agreed to plead guilty to participating in the same conspiracy and agreed to pay a $66 million criminal fine.
Petersen is the third individual to plead guilty in the rubber chemicals price-fixing investigation. Earlier former Crompton Corp. executives Joseph Eisenberg and James Conway agreed to plead guilty and now await sentencing.
Reuters story
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