EU Fines Six Bearing Suppliers for Price Fixing

The EU has levied a combined €953 million against five auto suppliers for conspiring to rig prices on bearings sold to automotive customers between 2004 and 2011, Bloomberg News reports.

The companies and their fines are Nachi-Fujikoshi (€4 million), NTN (€201 million), NSK (€62 million), Schaeffler Group (€371 million) and SKF (€315 million).

The EU waived an €86 million fine against a sixth supplier, Jtekt Corp., for its cooperation in revealing the cartel.

The fines are the result of a continuing global investigation into price fixing among auto suppliers that covers dozens of components. The EU says it also is probing price manipulation among suppliers of airbags and lighting systems.