Corning Japanese Unit Pleads Guilty in U.S. Car-Parts Probe
May 16 2016 - 3:43PM
Dow Jones News
By Maria Armental
Corning Inc.'s Japanese unit has agreed to plead guilty to
conspiring to fix prices and pay a fine of $66.5 million, as part
of a long-running, industry-wide federal crackdown on the
auto-parts industry.
Under the settlement, subject to court approval, Corning
admitted to the civil violation, saying a former employee "acted
secretly and alone" in fixing the market for ceramic substrates,
used in catalytic converters for cars sold in the U.S. by Ford
Motor Co., General Motors Co. and Honda Motor Co.
Last week, a federal grand jury indicted a former Corning
executive at its Kabushiki Kaisha unit on a federal charge of
conspiring to increase revenue and eliminate competition through
price-fixing and bid-rigging over a roughly 12-year period through
July 2011.
The Justice Department's auto-parts probe has focused on
price-fixing in an array of products, from instrument panels to air
bags and steering wheels. To date, the U.S. investigation has
produced more than $2.6 billion in criminal fines.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
May 16, 2016 15:28 ET (19:28 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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