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SKF to Schaeffler Fined $1.33 Bln by EU in Ball-Bearings Cartel 2014-03-19 10:25:00.8 GMT
By Aoife White and Gaspard Sebag March 19 (Bloomberg) -- SKF AB, Schaeffler AG, NTN Corp., NSK Ltd. and Nachi-Fujikoshi Corp. agreed to pay a combined EU953.3 mln ($1.33 billion) fine to settle a European Union antitrust probe into automotive ball-bearings, EU says. * Jtekt Corp. escaped a penalty for blowing the whistle on the cartel, the European Commission says * Schaeffler fined EU370.5m, SKF fined EU315.1m, NTN fined EU201.4m, NSK EU62.4m and Nachi-Fujikoshi EU3.96m * “Today’s decision is a further milestone in the commission’s ongoing effort to bust cartels in the markets for car parts, after the sanctions we imposed on producers of electric wires and of foam used in car seats,” Competition Commission Joaquin Almunia says in e-mailed statement * SEE: EU Said to Fine Ball-Bearings Makers to Settle Cartel Probe {NSN N2N1656K50YC <GO>} * SEE: SKF to Book 3 Billion-Krona Provision to Cover Possible Fine {NSN MY3TUP6VDKHV <GO>}
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To contact the reporter on this story: Gaspard Sebag in Brussels at +32-2-285-4317 or gsebag@bloomberg.net
To contact the editor responsible for this story: Peter Chapman at +32-2-285-4318 or pchapman10@bloomberg.net