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EU: Commission’s ball bearings fine knocks Schaeffler’s earnings down 30 pct

By  |  March 20, 2014

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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