Ex-Executives From Three Companies Indicted On Price Fixing
September 27 2011 - 4:31PM
Dow Jones News
Former executives from Panasonic Corp. (PC, 6752.TO) and from
subsidiaries of Whirlpool Corp. (WHR) and Tecumseh Products Co.
(TECUA) were indicted Tuesday on charges they conspired to fix
prices on refrigerant compressors, the Justice Department
announced.
The charges are the first against executives in the department's
ongoing investigation of the industry. Both Panasonic and Whirlpool
subsidiary Embraco North America Inc. pleaded guilty last year to
related charges and paid a combined total of $140 million in
fines.
Refrigerant compressors are used to cool refrigerators and
freezers.
The defendants charged Tuesday are Ernesto Heinzelmann, former
president of Whirlpool subsidiary Empresa Brasileira de
Compressores S.A.; Gerson Verissimo, former president of a
Tecumseh's Brazilian subsidiary; and Naoki Adachi, a former general
manager in Panasonic's refrigeration devices division.
-By Brent Kendall, Dow Jones Newswires; 202-862-9222;
brent.kendall@dowjones.com
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