European Commission raids Faurecia, Tenneco & other exhaust suppliers

Article by Christian A., on March 27, 2014

The European Commission has raided parts makers Faurecia, Tenneco Inc. and a number of several auto exhaust systems manufacturers as part of its efforts to go after those involved in suspected price-fixing in the global auto industry. The Commission said the companies raided may have taken part in a cartel and abused their dominant positions.

The raids, however, do not mean that the companies are guilty of anti-competitive behavior, the Commission said in a statement. While the European Union anti-trust agency named neither the companies nor the countries where the raids took place, Faurecia confirmed them, saying that it is cooperating fully with the authorities. French supplier Faurecia remarked that its "strict code of ethics" forbids price-fixing or any other breaches of antitrust law.

Chicago-based Tenneco disclosed that regulators in Europe and the United States asked for information "as part of an ongoing global antitrust investigation concerning multiple automotive suppliers." Tenneco said that Commission officials were at Tenneco GmbH’s Edenkoben office in Germany to collect information for the antitrust investigation. "Tenneco has also received a related subpoena from the U.S. Department of Justice," the US supplier said in a statement. It said that it is fully cooperating with the authorities.

German exhaust system maker Eberspaecher likewise said it was cooperating with EU authorities. In recent years, competition regulators in the US, Japan, Europe and Canada have imposed multi-dollar fines against car parts makers for fixing prices of products ranging from seatbelts, radiators and windshield wipers to air-conditioning systems. In the US, an ongoing probe by the Justice Department's anti-trust unit has already resulted in the prosecution of 29 executives and 26 companies and fines of over $2.25 billion. [source: automotive news - sub. required]

Topics: tenneco, faurecia

If you liked the article, share on:

Comments

Recommended

Skoda recently launched the new Karoq compact SUV as a replacement model to its now-defunct Yeti small crossover. Slotted below the newly introduced Skoda Kodiaq, the new Karoq features a...
by - May 23, 2017
There are already rumors suggesting that the next generation BMW 5-Series GT is expected to be joining the 6-Series range. The latest reports instead tell us that that 3-Series GT...
by - May 23, 2017
In 2004, the British marque Rolls-Royce officially entered South Korea with the opening of their showroom located in Seoul before opening their second showroom last September in Busan. Now RR...
by - May 23, 2017
In a game-changing move, Ford has revealed that it will soon produce its first ever all-electric CUV that will be built to be electric from the ground up, and it...
by - May 23, 2017
The wait for the Mustang’s GT-based Super Snake concept to be released is finally over. Shelby had recently collaborated with Ford Performance and Borla to come up with something that...
by - May 23, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries