Brussels, 19/03/2014 (Agence Europe) - On Wednesday 19 March, the European Commission decided to fine two European companies (SKF and Schaeffler) and four Japanese companies (JTEKT, NSK, NFC and NTN with its French subsidiary NTN-SNR) a total of €953 million for operating a cartel in the automotive ball bearings industry,
After an investigation that began in 2011, the Commission found that the companies had operated a cartel across the European Economic Area between April 2004 and July 2011 in order to secretly agree on prices for the car industry. The companies coordinated the passing-on of steel price increases to their automotive customers, colluded in requests for quotations and for annual price reductions from customers and exchanged commercially sensitive information.
Japanese company JTEKT was not fined as it benefited from immunity for revealing the existence of the cartel. NSK, NFC, SKF and Schaeffler received reductions of their fines for their cooperation in the investigation under the Commission's leniency programme. Since all companies agreed to settle the case with the Commission, their fines were further reduced by 10%. NSK's fine has therefore been halved and NFC's reduced by 40%.
EU Competition Commissioner Joaquin Almunia said: “It is incredible to see that yet another car component was cartelised. I hope the fines imposed will deter companies from engaging in such illegal behaviour and help restore competition in this industry”. (EL)