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Toyo Tire fined $120 million for price fixing

  |   Nov. 26, 2013 at 5:17 PM
WASHINGTON, Nov. 26 (UPI) -- Japanese auto part supply firm Toyo Tire & Rubber Co. has agreed to plead guilty in two price-fixing schemes, U.S. authorities said.

The Justice Department said the company will pay a $120 million criminal penalty for the two schemes, the first of which began in March 1996 and continued through at least May 2012, the department said.

The company fixed prices for anti-vibration rubber parts it sold to various companies doing business in the United States, including Toyota Motor Corp., Nissan Motor Corp and Fuji Heavy Industries Ltd., better known as Subaru.

The second price-fixing scheme started in January 2006 and continued until September 2010. That involved price fixing for constant-velocity-joint boots, which were sold to U.S. subsidiaries of GKN plc, a British auto parts supplier.

"Today's charge is the latest step in the Antitrust Division's effort to hold automobile part suppliers accountable for their illegal and collusive conduct," said Renata Hesse, deputy assistant attorney general for the Department of Justice's Antitrust Division.

"The division continues to vigorously prosecute companies and individuals that seek to maximize their profits through illegal and anti-competitive means."

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