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Corning Unit Pleads Guilty to Price Fixing
Tokyo-based Corning International Kabushiki Kaisha has agreed to plead guilty to price fixing and pay a $67 million criminal fine, according to the U.S.
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Tokyo-based Corning International Kabushiki Kaisha has agreed to plead guilty to price fixing and pay a $67 million criminal fine, according to the U.S. Dept. of Justice.
Nobuhiko Nia, a former Corning International K.K. executive, also was indicted for his role in the fraud.
The company admits it rigged bids and fixed prices on ceramic substrates used in catalytic converters for Ford, General Motors and Honda between 1999 and 2011. The Justice Dept.’s investigation was part of a continuing global crackdown on criminal price fixing among automotive suppliers.
The department has now charged 40 companies and 59 individuals in connection with the probe. The guilty parties have agreed to pay more than $2.7 billion in criminal fines.
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