Kemira Oyj, Press release, July 8, 2021 at 4 pm (EEST)
Kemira reached a settlement with CDC in the damage claim litigation in Amsterdam related to the sodium chlorate business in 1994-2000
Kemira Chemicals Oy, a fully owned subsidiary of Kemira Oyj reached a settlement with CDC Project 13 SA and CDC Holding SA (together “CDC”) in the damage claim litigation in Amsterdam, the Netherlands.
The settlement concerns claims assigned to CDC based on which CDC claimed compensation for alleged damages relating to the alleged old infringement of competition law in the sodium chlorate business during 1994-2000 by Finnish Chemicals Oy. Kemira Oyj acquired Finnish Chemicals Oy (now Kemira Chemicals Oy) in 2005.
Kemira Chemicals Oy has agreed to pay compensation and costs to CDC in the amount of EUR 22.75 million. Kemira has recorded a provision of EUR 11.5 million in Q4 2019 related to the damage claim. The remaining EUR 11.25 million will be recognized as a cost (item affecting comparability) in Q2 2021.
“We are satisfied with the settlement as it removes the uncertainty related to a legacy litigation case for conducts in 1994-2000. This will now conclude the case for Kemira”, says Jari Rosendal, President and CEO.
For more information, please contact:
Jukka Hakkila, Group General Counsel
Tel. +358 40 544 2303
Mikko Pohjala, Vice President, Investor Relations
Tel. +358 40 838 0709
Kemira is a global leader in sustainable chemical solutions for water intensive industries. We provide best suited products and expertise to improve our customers’ product quality, process and resource efficiency. Our focus is on pulp & paper, water treatment and oil & gas. In 2020, Kemira had annual revenue of around EUR 2.4 billion and around 5,000 employees. Kemira shares are listed on the Nasdaq Helsinki Ltd.