Zeon Decides Against Appealing European Fine

Zeon, the Japanese synthetic rubber manufacturer fined 34.23 million euros by the European Commission for its involvement in price fixing for Nitrile Butadiene Rubber (NBR), has decided not to appeal the Commission’s decision to the Court of First Instance.

“Zeon Corporation has decided that Zeon Corporation and its European subsidiaries, Zeon Europe GmbH, Zeon Chemicals Europe Ltd. will not appeal to the Court of First Instance against the decision by the European Commission dated January 23rd 2008,” said the company in a statement. “Zeon’s board carefully reviewed the decision and made the resolution in all aspects including the costs of long and burdensome litigation for a reduction of the fine.”

In conclusion, Zeon said that it “takes compliance with the laws and regulations including corporate ethics as one of the most important corporate objectives in running the business. Zeon will commit to further strengthen its internal compliance system and will take every action to prevent a recurrence of such an incident.”