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Bosch under EU antitrust investigation

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Bosch under EU antitrust investigation

Robert Bosch Gmbh said it is cooperating with European antitrust authorities as part of a wide-ranging antitrust investigation into suppliers.

Last month, it was reported that South Korea’s antitrust regulator had fined Bosch along with units of Denso and Continental a total of 114.6 billion won ($107.99 million), saying they had fixed prices of parts sold to Hyundai.

The fine came as antitrust regulators from the United States to Europe and Japan crack down on price collusion among suppliers. Among the components affected globally are seat belts, radiators, windshield wipers, air-conditioning systems, power window motors and power steering components.

“We too have been confronted with allegations from the European Union competition commission,” a spokesman for Bosch said on Wednesday, referring to the executive body that oversees competition policy.

In December, German engineering group Schaeffler said it had set aside 380 million euros ($517 million) in provisions for potential fines related to a European Union antitrust investigation. In 2011, the European Commission said it had raided the company as part of an investigation into possible anti-competitive behavior.

by Aurel Niculescu (my Google+) - Thursday, January 9th, 2014 - filed under Industry, News. Image credit: .
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