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Autoliv: EU fines car safety equipment groups.

(CercleFinance.com) - The Commission has announced that it has fined five suppliers of automobile safety equipment 34 million euros as part of a settlement procedure.

The Commission has fined Tokai Rika, Takata, Autoliv, Toyoda Gosei and Marutaka for violating EU competition rules.

"The companies took part in one or more of four cartels for the supply of car seatbelts, airbags and steering wheels to Japanese car manufacturers in the EEA," the EU stated.

The five suppliers all acknowledged their participation in collusion and agreed to enter into a transaction. Takata was not fined for three of the cartels as it revealed their existence to the Commission. Tokai Rika was not fined for one of the cartels as it revealed its existence to the Commission.

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