ContiTech Releases Statement on Dunlop Oil & Marine Investigations

In the wake of allegations regarding price fixing practices in the marine hose manufacturing industry, Germany’s ContiTech AG has released the following statement:

The investigation into employees of Dunlop Oil & Marine Ltd. has taken the management of ContiTech AG by surprise. Dunlop Oil & Marine Ltd. was taken over by ContiTech AG with the acquisition of Phoenix AG at the end of 2004 and has since been integrated into the Fluid Technology business unit.

ContiTech AG does not yet have sufficient information regarding the matter. The employees therefore have to be presumed innocent. ContiTech will cooperate with the authorities in their investigation. Should it be determined that the allegations are true and that violations of law have indeed been committed, ContiTech AG will take the necessary actions.

The company’s strict code of conduct allows for absolutely no personal misconduct: ContiTech consistently enforces its policy of zero tolerance. (Statement ends)

Two senior Dunlop Oil & Marine employees – managing director Bryan Allison and sales and marketing director David Brammar – were arrested and charged for their role in the alleged price fixing conspiracy.