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Inoac to pay USD2.35 million US price fixing fine

November 23/2015

MOSCOW (MRC) -- Japanese auto interior supplier Inoac Corp. agreed to plead guilty to fixing prices and rigging bids on parts sold to Toyota Motor Corp. between 2004 and 2012, the U.S. Justice Department said in a Nov. 19 statement, as per Plasticsnews.

Nagoya, Japan-based Inoac will pay a USD2.35 million criminal fine as part of the agreement.

Inoac is the latest company to be charged in the Justice Departments ongoing, industry-wide investigation into price fixing by auto suppliers. Thirty-eight companies and 58 executives have been charged in the investigation, which has led to USD2.6 billion in criminal fines, the department said in a statement.

"Inoac corrupted the competitive process by agreeing with its competitors to fix the prices of certain automotive parts installed in Toyota cars sold in the United States," Brent Snyder, deputy assistant attorney general of the Justice Departments antitrust division, said in the statement.

The supplier was charged with a felony for conspiring with its competitors "from as early as June 2004 until at least September 2012" to fix prices and rig bids on plastic interior trim parts including console boxes, glove boxes and assist grips.

"Inoac takes this matter with the utmost seriousness and it has enhanced its existing compliance program to include additional instructions to our employees and additional structures for compliance and monitoring," Inoac USA attorney Anthony Femminineo said in a statement.

Inoacs U.S. operations are focused on polyurethane foam and interior trim. It had USD176 million in injection molding in North America according to the most recent Plastics News ranking of injection molders.

The charge was filed in U.S. District Court Nov. 19.

As it was written earlier, Toyota Motor regained its crown as the worlds biggest car company by sales, displacing Volkswagen as the embattled German manufacturer grapples with the fallout from its emissions cheating scandal. High quality global journalism requires investment. Toyota sold just over 7.49m vehicles in the nine months to September, 5.85m of which were outside Japan, while Volkswagen sold 7.43m. In the first six months Toyota sold 5.02m vehicles to VWs 5.04m. Both saw sales fall 1.5 per cent for the nine months on a year-on-year basis.
Author:Anna Larionova
Tags:ABS, PC, PP, PS, car components, automotive chemicals, Japan.
Category:General News
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