Denso, Yazaki plead guilty to supplier bid-rigging

Larry P. Vellequette

Published: January 30, 2012 6:00 am ET

Related to this story

Topics Automotive, Public Policy, Injection Molding

DETROIT (Jan. 30, 2:50 p.m. ET) — Denso Corp. and Yazaki Corp., two of Japan's largest auto-parts suppliers, have agreed to plead guilty in a widening multicontinent bid-rigging case, the U.S. Department of Justice said today.

Yazaki and Denso will pay a combined total of $548 million in criminal fines as part of a plea agreement, the department said in a statement. Four of Yazaki's Japanese executives also have agreed to plead guilty and serve prison time in the United States.

Denso was charged with conspiring to charge higher prices on heating-control panels and electronic control units. The Yazaki charges involved wire harnesses and related products.

Yazaki will pay a $470 million fine — the second-largest criminal fine ever for a Sherman Act antitrust violation, according to the Justice Department. Denso will pay $78 million.

 

The four Yazaki executives were identified as Tsuneaki Hanamura, Ryoji Kawai, Shigeru Ogawa and Hisamitsu Takada. They have agreed to serve prison time ranging from 15 months to two years.

The two-year sentences would be the longest term of imprisonment imposed on a foreign national voluntarily submitting to U.S. jurisdiction for a Sherman Act antitrust violation, the Justice Department said. The fine amounts and prison sentences are subject to court approval.


Comments

Denso, Yazaki plead guilty to supplier bid-rigging

Larry P. Vellequette

Published: January 30, 2012 6:00 am ET

Post Your Comments


Back to story


More stories

Image

Recycling trade group growing in size, resources

February 27, 2015 4:50 pm ET

DALLAS — The executive director of the Association of Postconsumer Plastic Recyclers is partial to calling his group the little engine that...    More

Image

German molder picks North Carolina for US manufacturing plant

February 26, 2015 4:21 pm ET

UPDATED — German medical goods company Raumedic AG has chosen Mills River, N.C., for its first U.S. manufacturing site and U.S. headquarters.    More

Image

Plastic Omnium makes China investment push

February 26, 2015 4:35 pm ET

Three of the six new plants that automotive molder Plastic Omnium SA plans this year will be in China, part of a broader push it’s making in...    More

Image

Expert says more action needed to solve ocean plastics problem

February 25, 2015 5:59 pm ET

DALLAS — Private companies are going to have to step up to the plate and open their wallets if the world ever wants to solve the growing...    More

Image

Referendum on bag ban going to California voters

February 24, 2015 6:34 pm ET

California's voters, not legislators, will be the ones to ultimately decide on the state's plastic bag ban.    More

Market Reports

Flexible Packaging Trends in North America

North America represents about 30 percent of the global consumption of flexible packaging. Annual growth in this region is forecast at 4 percent during the next 5 years.

For more insight on growth opportunities, drivers of growth and the outlook for 2015, download this report.

Learn more

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 billion plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our analysts provide insight on business trends, foreign investment, top end markets and plastics processing activity. The report also provides important data on exports, production, employment and value of plastics products manufactured.

Learn more

Upcoming Plastics News Events

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

More Events