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Autoliv, TRW Fined $416 Million for Price Fixing in Europe
The European Commission has fined Autoliv and TRW for conspiring to rig prices for seatbelts, airbags and steering wheels supplied to BMW and Volkswagen Group.
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The European Commission has fined Autoliv and TRW for conspiring to rig prices for seatbelts, airbags and steering wheels supplied to BMW and Volkswagen Group.
The two companies must pay a combined €368 million ($416 million). The EC says now-bankrupt airbag supplier Takata Corp. was part of the conspiracy but escaped a fine in exchange for reporting the wrongdoing. The cartel operated between 2007 and 2011, according to the commission.
The fines are the latest result of a continuing global crackdown on price fixing among automotive suppliers. To date, the EC and U.S. have levied fines totaling some $5.2 billion against dozens of companies.
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