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.
