EU Fines Japanese, European Auto Parts Makers for Price Cartels

Brussels, March 8 (Jiji Press)--The European Commission said Wednesday that it has imposed a total of 155 million euros in fines on five Japanese and European auto parts makers for fixing prices of components for car air conditioners or engine cooling components in violation of the European Union's competition law. Among the firms were Japan's Calsonic Kansei Corp. <7248> and Denso Corp. <6902>. Major Japanese electronics maker Panasonic Corp. <6752> also took part in the wrongdoing, but avoided fines as it revealed the practice to the commission. The commission, the executive organ of the EU, found four cases in which the makers fixed the prices of parts supplied to Japanese and European automakers and exchanged sensitive information in breach of the law between November 2004 and December 2009. END