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EC Fines Six Suppliers €155 Million for Price Fixing
The European Commission has levied fines totaling €155 million ($163 million) against six suppliers for conspiring to fix prices on air-conditioning and engine-cooling components.
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The European Commission has levied fines totaling €155 million ($163 million) against six suppliers for conspiring to fix prices on air-conditioning and engine-cooling components.
The companies are Behr, Calsonic, Denso, Panasonic, Sanden and Valeo. All have acknowledged their roles and accepted the settlement for rigging bids on goods sold to Daimler, Renault-Nissan, Suzuki and Volkswagen Group.
The EC says the companies colluded on contracts and prices between at least 2004 and 2009 on air-conditioning systems, compressors, engine radiators and cooling fans. Investigators says the companies exchanged information in meetings, over the phone and via email.
The commission notes the cartels also operated in Asia, where Japanese authorities are conducting their own investigation.
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