EU: Commission’s ball bearings fine knocks Schaeffler’s earnings down 30 pct
Following the European Commission’s announcement of $1.3 billion in fines issued to various car parts makers, one of the companies sanctioned is now reporting steep earnings cuts.
German engineering company Schaeffler, fined more than $510 million for its participation in the alleged price-fixing cartel, saw its 2013 full year earnings fall 30 percent to $1.37 billion, say reports.
The Commission announced the sanctions earlier this week, a move that coincides with US and Japanese regulators probing similar cases of alleged car parts price-fixing.
Full Content: Reuters
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