SKF Sets Aside $455M For Looming EU Antitrust Fine
Law360, New York (December 20, 2013, 1:44 PM EST) -- Sweden's SKF AB, a global leader in rolling bearings and industrial mechatronics, will take a 3 billion krona ($455 million) quarterly charge to cover an expected European Commission fine over alleged cartel behavior in the automotive bearings market, the company said Friday.
The world's largest manufacturer of ball bearings, SKF said that its upcoming fourth-quarter results will include the charge for what it anticipates will be a substantial fine from Europe's antitrust watchdog some time in 2014.
The EC has been probing potentially restrictive business practices by SKF, Germany's Schaeffler AG and possibly others since at least November 2011, when officials...
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