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Mitsubishi Electric, Hitachi Get $150 Million EU Cartel Fine

  • Denso escaped fine by informing EU of cartel with three firms
  • Trio plotted to fix prices of car alternators, starters
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Mitsubishi Electric Corp. and Hitachi Ltd. agreed to pay European Union antitrust fines of a combined $150 million for fixing the prices of alternators and starters sold to car manufacturers.

Mitsubishi Electric will pay 110.9 million euros ($120.6 million) and Hitachi 26.9 million euros to settle the cartel probe, the European Commission said in an e-mailed press release. The companies admitted to illegally agreeing to set prices and allocate customers and projects for parts sold to European carmakers. The cartel ran from 2004 to 2010.