(Sioux City)– A northwest Iowa company has pleaded guilty to being involved in a price-fixing conspiracy to sell Ready-Mix Concrete at noncompetitive prices.
The U.S. Justice Department says Spencer-based Great Lakes Concrete, Inc. entered its plea today (Wednesday) in U.S. District Court in Sioux City. An indictment filed earlier this month accused Great Lakes Concrete of participate in a conspiracy to fix prices for Ready-Mix Concrete between January 2008 and August 2009.
Court documents show company President Kent Stewart pleaded guilty in 2010 and was sentenced in February to one year and a day in prison and fined more than $83,000.
Great Lakes faces a maximum fine of $100 million. Sentencing has not been scheduled.
The company’s plea is the result of an ongoing investigation of the Ready-Mix industry in Iowa and surrounding states.
(From the Associated Press.)
