Toyo to Pay $120 Million Criminal Fine in Price-Fixing Case
Japan’s Toyo Tire & Rubber Co. (5105) agreed to plead guilty and pay a $120 million criminal fine for conspiring to fix prices of automotive parts sold to Toyota Motor Corp. (7203) and other carmakers, the U.S. said.
Toyo conspired to fix prices for anti-vibration rubber parts from as early as 1996 until at least May 2012, the Justice Department said in a statement today. Besides Toyota, the parts were sold to Nissan Motor Corp. and Subaru Co.
The charges stem from an continuing investigation into price-fixing in the auto-parts industry. Including Toyo, 22 companies have been charged and have agreed to pay more than $1.8 billion in fines, according to the Justice Department.
Toyo was charged with participating in a separate conspiracy to fix prices of constant-velocity-joint boots sold to GKN Plc.
The case is U.S. v. Toyo Tire & Rubber Co., 13-cr-529, U.S. District Court, Northern District of Ohio (Toledo).
To contact the editor responsible for this story: Michael Hytha at email@example.com