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Germany Fines Suppliers for Price Fixing
Germany’s Federal Cartel Office has fined three suppliers a combined €10 million ($11 million) for conspiring to fix prices on parts supplied to Volkswagen AG, the Associated Press reports.
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Germany’s Federal Cartel Office has fined three suppliers a combined €10 million ($11 million) for conspiring to fix prices on parts supplied to Volkswagen AG, the Associated Press reports.
The companies are Switzerland’s Elring Kinger Abschirmtechnik, Spain’s Estamp and Germany’s Lydall Gerhardi. A fourth company, Germany’s Carcoustics International, escaped a fine by helping to expose the scheme.
The companies supply aluminum heat shields. The cartel office claims they colluded in 2011 to offset rising raw material costs by collectively raising their prices.
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