Auto parts maker Toyoda Gosei settles U.S. price-fixing charge
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(Reuters) — A Japanese auto parts maker, Toyoda Gosei Ltd., has agreed to plead guilty to price-fixing and pay a $26 million fine, the Justice Department said on Monday.
Toyoda Gosei, which acknowledged conspiring to fix prices of air bags, steering wheels and automotive hoses, is the 29th auto parts maker to plead guilty to price-fixing since the Justice Department began its long-running investigation.
Europe, China and other jurisdictions have also fined parts makers for price-fixing.
Toyoda Gosei conspired with other parts makers to fix prices of parts sold to Toyota Motor Corp. and Subaru, owned by Fuji Heavy Industries, between 2003 and 2010, the department said in a statement.
In addition to companies pleading guilty, 43 people have been charged in connection with price-fixing in the sector.
Among companies the Justice Department’s Antitrust Division has settled with are Autoliv, G.S Electech, Tokai Rika Co Ltd., TRW Deutschland Holding GmbH, Nippon Seiki Col Ltd., Fujikura Ltd., Furukawa Electric Co Ltd and Yazaki Corp.
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