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Europe Fines 5 Airbag, Seatbelt Suppliers for Price Fixing
The European Commission has fined five suppliers a combined €34 million ($40 million) for rigging prices on airbags, seatbelts and steering wheels.
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The European Commission has fined five suppliers a combined €34 million ($40 million) for rigging prices on airbags, seatbelts and steering wheels.
The EC says it uncovered four cartels that manipulated prices on products to Honda, Suzuki and Toyota between 2004 and 2010. The commission fined Takata (€13 million), Toyoda Gosei (€11 million), Autoliv (€8 million), Tokai Rika (€2 million) and Marutaka (€156,000).
The fines cap six years of investigation by the EC. The probe was part of an international effort in Europe, Japan and the U.S. to uncover and prosecute companies that conspired to fix pricing, rig contracts and manipulate markets.
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