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EU: EC red-lights car parts cartel with fine

 |  July 10, 2013

The European Commission announced more than $180 thousand in fines to various makers of auto wire harnesses, say reports. The commission found evidence of companies forming five cartels that conspired to fix prices and coordinate sales of the harnesses to Toyota, Honda, Nissan and Renault. The companies found to have partaken in the cartel include Sumitomo, Yazaki, Furukawa, S-Y Systems Technologies and Leoni, though Sumitomo was not fined under the European Commission’s leniency program. The harnesses are used to conduct electricity in automobiles for functions like air conditioning or starting the engine.

Full Content: Automotive World

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