[OFF-TRACK] Explain that, Schaeffler

Long time since that had an off-track post here, but this fact needs to be here.

I gave a brief look at a newspaper that I didn't read so often, and there was something that caught my attention.

Here it is:

According to Bloomberg and Reuters, Schaffler, in conjuction with SKF, NTN, NSK and NFC, agreed to pay a $1.3 billion total fine after being proved by EU antitrust regulators that these companies were involved in and automotive parts cartel.

Jtekt was involved in the process, but the company told EU antitrust regulators about the cartel scheme, and with this they got rid of being fined.

As said by EU, the six companies involved accorded to freeze and coordinate ball bearings prices since April 2004 to July 2011.

Automotive parts cartels aren't new in the scenary, as regulators worldwide have been imposing fines due to car parts cartels.

The fines imposed were the following: Schaeffler with the highest amount of 370.5 million euros, SKF right after with 315.1 million euros, NTN with 201.4 million euros, NSK with 62.4 million euros and finally NFC 3.96 million euros.

Photo:  SPZ Group