NGK Spark Plug has been notified by the European Commission (EC) of its decision to impose a fine of EUR30m (US$37m) for an infringement of EU competition law in connection with past sales of spark plugs within the European Economic Area (EEA).
"NGK Spark Plug and its subsidiaries have been fully cooperating with the Commission's investigation," said an NGK statement. "Having taken into consideration the facts discovered through the investigation, NGK Spark Plug was able to successfully reach a settlement with the Commission. As a result, the above fine has been imposed by the Commission.
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NGK Spark Plug takes compliance very seriously and will continue its group-wide compliance training to prevent the recurrence of such conduct. NGK Spark Plug will ensure to restore trust from its stakeholders.
"NGK Spark Plug does not modify its consolidated financial forecast for the year ending 31 March, 2018 as a result of this matter."
The EC imposed fines on component suppliers infringing EU competition law in connection with past sales of automotive spark plugs.
The Commission has investigated certain automotive suppliers including Denso, which says it has fully cooperated with the investigation.
