BEARING MANUFACTURERS FINED NEARLY €1 BILLION FOR CARTEL
A group of bearing manufacturers including NTN, Schaeffler and SKF have been fined a total of nearly €1 billion for operating a cartel. The European Commission handed out the fines to the companies as they ‘colluded to secretly coordinate their pricing strategy vis-à-vis automotive customers for more than seven years, from April 2004 until July 2011, in the whole European Economic Area.’