SIOUX CITY, Iowa (AP) — An Iowa-based concrete company has pleaded guilty to participating in a price-fixing scheme involving the sale of ready-mix concrete.
The U.S. justice department says VS Holding Co. pleaded guilty Friday in U.S. District Court in Sioux City. The Orange City-based company used to operate as Alliance Concrete Inc., which produces ready-made concrete.
Prosecutors say the company participated with another company to fix prices for ready-made concrete sold in Iowa. Court documents show a former VS Holding Co. president reached agreements for ready-mix concrete prices and then accepted payment at noncompetitive prices.
VS Holding was charged with violating the Sherman Act, which carries a $100 million fine.
As a result of the investigation, three individuals have been convicted and sentenced and three companies have pleaded guilty and are awaiting sentencing.