EU Fines Car-Parts Suppliers EUR18 Million in Cartel Settlement
September 29 2020 - 7:26AM
Dow Jones News
By Mauro Orru
The European Commission said Tuesday that it has sanctioned
car-parts suppliers Brose Fahrzeugteile and Kiekert AG for their
involvement in two cartels for the supply of closure systems.
The commission, the EU's executive arm, fined Kiekert 15.0
million euros ($17.5 million) and Brose EUR3.2 million after
Canada-based Magna International Inc. revealed both cartels, in
which it also took part.
However, antitrust authorities granted Magna full immunity for
revealing the cartels.
The first cartel involved Magna and Brose for the supply of door
modules and window regulators for one of Daimler AG's car models.
The second cartel between Magna and Kiekert was for the supply of
latches and strikers to Daimler and BMW AG.
"The three suppliers colluded to increase their profits from the
sale of these components. These cartels ultimately hurt European
consumers and adversely impacted the competitiveness of the
European automotive sector," said EU competition chief Margrethe
Vestager.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
September 29, 2020 07:11 ET (11:11 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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