Paccar Plans $950 Million Charge in European Price-Fixing Probeby
Paccar Inc. will book an 850 million-euro ($950 million) provision in the first quarter as it prepares for a European Union antitrust ruling on truck-industry pricing.
The company’s DAF division, which is cooperating with the EU on the probe, has enough resources to fund a fine in the amount of the charge, Bellevue, Washington-based Paccar said Thursday in a statement.
The EU told heavy-vehicle manufacturers in November 2014 that it was looking into potential price-fixing issues, following up on a probe started in January 2011. Volvo AB and Daimler AG have also set aside funds because of the investigations, while Volkswagen AG’s MAN division said in its 2015 annual report that it’s cooperating fully with authorities but hasn’t yet taken provisions.