Japan Fines Bearing Cos. $142M For Price-Fixing

Law360, New York (March 29, 2013, 2:30 PM ET) -- Japan’s antitrust regulator on Friday fined NTN Corp. and other bearing manufacturers 13.4 billion yen ($142 million) for violating the Antimonopoly Act, saying the companies conspired to fix prices for both automotive and industrial machinery bearings.

The Japan Fair Trade Commission said NTN, NSK Ltd., Nachi-Fujikoshi Corp. and JTEKT Corp. collectively agreed to raise prices for industrial machine bearings to a level where the heightened costs for steel, bearings' raw material, would be passed on to consumers by asking purchasers to raise their selling price by...
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