Wednesday, 9 November 2011

EU raids SKF, Schaeffler in antitrust probe

European Union regulators raided Sweden's SKF and Germany's Schaeffler today as part of a probe into possible anti-competitive activity among makers of ball bearings.

Regulators in the United States, Europe and Japan have been investigating price-fixing in the global automotive supply chain for several months.

On Sept. 29, the U.S. Justice Department announced a plea deal with wire harness manufacturer Furukawa Electric Co. that included a $200 million fine plus jail terms for three company executives. Other wire harness manufacturers -- along with safety products suppliers -- have been under investigation as well.


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