NSK is expressing its “sincere regret” at activities related to automotive bearings sales and has agreed pay the European Commission (EC) EUR62.4m (US$86m) in fines.

The EC found two European companies (SKF and Schaeffler) and four Japanese companies (JTEKT, NSK, NFC and NTN with its French subsidiary NTN-SNR), operated a cartel in the market for automotive bearings and have imposed fines totalling nearly EUR953m.

Brussels says the companies colluded to secretly coordinate their pricing strategy for more than seven years, from April, 2004 until July, 2011, in the whole European Economic Area (EEA).

A statement from NSK noted: “The EC has imposed a fine of EUR62.4m on NSK and its wholly-owned subsidiaries, NSK Europe and NSK Deutschland for their participating in activities that violated the European Competition Law in relation to sales of automotive bearings.

“NSK and its subsidiaries have been fully cooperating with the EC’s investigation. After reviewing the relevant facts and range of relevant laws and receiving advice from outside experts and others, NSK negotiated with the EC and reached a settlement.

“We express our sincere regret for the concern this matter has caused our shareholders, customers and other stakeholders. NSK and its subsidiaries regard the situation with the utmost seriousness and have taken and will continue to take comprehensive measures with the help of outside experts and others to ensure strict compliance with all applicable laws and regulations during our corporate activities.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“We will devote every effort to restoring the trust of all stakeholders and the public. As of the end of the third quarter of the consolidated fiscal year ending 31 March, we allocated the amount of the above fine as allowance for the Antimonopoly Act related loss.”

The EC noted companies involved in the secret cartel coordinated the passing-on of steel price increases to their automotive customers, colluded on Requests for Quotations and for Annual Price Reductions from customers and exchanged commercially sensitive information.

This occurred through multi-, tri- and bilateral contacts. The size of the EU market for automotive bearings is estimated to be at least EUR2bn per year.

The decision is part of a major investigative effort into suspected cartels in the sector of car parts.

The Commission is investigating more products, such as airbags, safety belts and steering wheels, air conditioning and engine cooling products, as well as lighting systems.