Synthomer fined less than expected over styrene purchasing

Synthomer shares were in the green on Tuesday, after the fine issued by the European Commission over styrene monomer purchasing practices came in below what it had made provisions for.

The FTSE 250 said the EC had made a decision, after investigating styrene monomer purchasing practices between 2012 and 2018.

It first disclosed the investigation to the market in June 2018, and had since completed a “detailed review” of its compliance and procurement functions.

“The decision has resulted in a fine of €43.0m (£37.1m), modestly below the £40.1m provision that Synthomer announced at its interim results in August,” the board said in its statement.

“The fine is payable in 2023.”

At 1252 GMT, shares in Synthomer were up 0.49% at 142.4p.

Reporting by Josh White for Sharecast.com.