"Kemira Oyj has been in breach of the antitrust law in hydrogen peroxide business from 1994 to 2000 according to the decision made by the European Commission," added the statement.
Kemira was among 18 companies to receive a 'statement of objections' from the Commission in January 2005 concerning alleged participation in a cartel.
'The company will look into the Commission's decision and then decide on any further action,' Kemira said. The firm added that it has already set aside funds that will cover the fine.
Also on Thursday, Kemira announced sharply higher first-quarter profits and turnover. Pre-tax profits rose to 37.5 million euros, up from 26.7 million a year earlier. Turnover was up by 37 percent.