It's made big headlines in the automotive industry lately: Federal investigators from the U.S. Department of Justice (DOJ) spent nearly a year looking into price fixing among automotive suppliers. While the investigation centered on wiring harness makers in the beginning, other components makers are also being eyed. According to an article in Automotive News, so far only Furukawa Electric Co. Ltd. and three of its executives entered guilty pleas in Detroit.
The FBI also looked for documents from Aurora, ON-based Magna International Inc., and in Europe, the European Commission made "unannounced visits to Lear Corp., TRW Automotive Holdings's occupant safety systems division and a subsidiary of Autoliv Inc. in Germany," said the Automotive News report.
In an October press release, Magna announced that it was cooperating with the DOJ with respect to its ongoing antitrust investigation of the automotive tooling industry. "In connection with such investigation, the DOJ has requested documents related to various tooling bids, including a tooling program for which a subsidiary within our Cosma International operating unit acted as a Tier 1 tooling supplier," said Magna's release. "Magna's policy is to comply with all applicable laws, including antitrust and competition laws, and we are fully cooperating with the DOJ."...