The European Commission announced yesterday that it has imposed fines of nearly EU1bn on a cartel of European and Japanese ball bearings manufacturers in response to findings of price fixing.
The six companies “colluded to secretly coordinate their pricing strategy vis-a-vis automotive customers for more than seven years” said the Commission in announcing the EU953m in fines. The largest fine of EU370.5m euros was imposed on Germany’s Schaeffler, followed by Sweden’s SKF whoe received a fine of EU315.1m. Of the four Japanese companies, three were…
This content is for subscribers only. Subscribe now for free to read the full article.
Already a subscriber? Login
