CELAYA, Mexico – Industrias Bachoco S.A.B. de C.V. said the company would appeal a fine imposed by Mexico’s Federal Commission of Economic Competition (CFC) for alleged price fixing.

The fine stems from a 2009 investigation by the CFC regarding “possible monopolistic business practices” in the poultry industry, according to Bachoco. The company was included in the investigation and was required to provide information to the commission.

The CFC recently concluded its investigation and said Bachoco had participated in price fixing with other companies.

“The company received a notification where the CFC determined that Bachoco contributed with other local producers and distributors to fix prices (a prohibited practice in the Mexican poultry industry), in the Peninsula de Yucatan region, and imposed a fine for approximately $110,000,” the company said in a statement. "Bachoco does not agree with this determination, and will defend itself according to the provisions of Mexican law.

“Bachoco is committed to free market principles and regulatory compliance,” Bachoco added.