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Kayaba Industry Co. (KYB) has agreed to pay a US$62m fine for its role in a price fixing scheme for shock absorbers for cars and motorcycles sold in the US.

KYB pleaded guilty to the charge from the US Department of Justice that it conspired to rig the prices of the component sold in the United States to Japanese automakers and their subsidiaries from the mid-1990s to 2012.

The impacted Japanese manufacturers were Fuji Heavy Industries (Subaru), Honda Motor Co., Kawasaki Heavy Industries Ltd., Nissan Motor Co., Suzuki Motor Corp. and Toyota Motor, the DoJ said.

Kayaba Industry said in a statement its chairman, president and vice president will voluntarily return 30 percent of their monthly compensation for three months in view of the "serious consequences for our stakeholders."

The company "will work to restore the trust of our stakeholders as well as the public by implementing more comprehensive compliance programs," it said.

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By GlobalData