TRW to pay a $5.1 million fine to settle U.S. price-fixing

Article by Christian A., on July 31, 2012

A $5.1 million criminal fine will have to be paid by TRW Deutschland Holding GmbH -- a German subsidiary of TRW Automotive Holdings Corp. -- as it has agreed to enter a guilty plea to getting involved in a conspiracy on the prices of air bags, steering wheels and seatbelts, according to the Justice Department and the company.

The investigation of the Justice Department's Antitrust Division into this matter has resulted to settlements with six other companies. The European Commission has a parallel investigation. It’s possible that an employee at this subsidiary will face U.S. prosecution. The TRW subsidiary will plead guilty to one count of price-fixing in the U.S. District Court in Detroit.

According to the department, TRW and other companies have agreed to break up the market for seat belts, airbags and steering wheels so that they may be sold at elevated prices. TRW Automotive Chairman and CEO John Plant released a statement, asserting that the actions related to the DOJ settlement is in conflict with what TRW stands for and are not consistent with its policies.

As soon as the company learned about the probe, it has moved very quickly to cooperate with the DOJ (Justice Department) so that this matter could be brought to a resolution. Last year’s sales reached $16.2 billion. Six other firms have entered a guilty plea in this matter. These six companies are Swedish auto parts company Autoliv, Fujikura Ltd., Furukawa Electric Co., Denso Corp., Yazaki Corp. and G.S. Electech. They will be paying over $785 million in criminal fines.

Topics: trw

If you liked the article, share on:

Pin It

Comments

Recommended

Last year was probably Porsche’s best year ever in terms of sales. Their factory in Stuttgart delivered 237,778 cars in total, which represents a six percent increase compared to the...
by - March 26, 2017
Lamborghini has disclosed that it is looking into the possibility of releasing electric vehicles. With the Volkswagen Group revealing that it will be releasing electric vehicles within several years, there...
by - March 25, 2017
Daimler AG, through its Smart division, has disclosed that its two electric models, the Smart ForTwo and the Smart ForFour are now open for orders in Germany. Official market launch...
by - March 25, 2017
Lamborghini has officially offered clear proof that the Huracán Performante was able to set a new record at the Nürburgring Nordschleife with a time of 6:52.01 It was in early...
by - March 25, 2017
Top Gear has revealed that for its “Stars in a Reasonably Fast Car” segment, it will now be using a slightly enhanced Toyota GT86, which in the U.S. market is...
by - March 24, 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