Showa Pleads Guilty to Price Fixing

Showa Corp., a Japanese supplier of electric power steering systems, has agreed to plead guilty to a felony charge of price fixing and pay a $20 million criminal fine, the U.S. Dept. of Justice reports.

The agreement is the latest in a continuing international investigation into bid rigging and price fixing among automotive parts suppliers.

The Justice Dept. says Showa conspired with others to rig bids on steering systems sold to Honda Motor Co. between at least 2007 and 2012. According to the charge, the conspirators used code names and met in remote locations to fix prices.

The Showa agreement brings to 27 the number of companies that have pleaded guilty or agreed to plead guilty to price fixing charges in the U.S. alone. The companies and 24 of their executives have agreed to pay $2.3 billion in criminal fines.