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EC Fines Two Japanese Suppliers for Price Fixing
The European Commission has levied a combined €138 million ($150 million) in fines against Hitachi Ltd. and Mitsubishi Electric Corp. for conspiring to fix prices on automotive electrical components in Europe between 2004 and 2010.
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The European Commission has levied a combined €138 million ($150 million) in fines against Hitachi Ltd. and Mitsubishi Electric Corp. for conspiring to fix prices on automotive electrical components in Europe between 2004 and 2010.
A third conspirator, Denso Corp., avoided a fine by telling the commission about the scheme to manipulate prices for alternators and starter motors. Investigators say the Japanese companies agreed on pricing and managed bids accordingly.
The fines are part of a continuing international investigation into price-fixing cartels that have inflated costs for a broad array of parts and assemblies. The U.S. Dept. of Justice alone has imposed fines totaling $2.6 billion against 37 companies for such wrongdoing.
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