U.S. Probes Machine Tool Business
Post Date: 14 Oct 2011 Viewed: 435
Magna International Inc. said Thursday it is cooperating with a U.S. Department of Justice antitrust investigation of the automobile tooling industry.
A Justice Department spokeswoman confirmed the probe after Magna's announcement. She said the investigation is separate from another department antitrust probe of price-fixing in the auto-parts industry.
Magna, North America's biggest auto-parts maker by sales, said the Justice Department has requested documents related to various tooling bids, including a tooling program in which its Cosma International unit acted as a supplier.
Further details weren't disclosed.
"Magna's policy is to comply with all applicable laws, including antitrust and competition laws, and we are fully cooperating with the DOJ," the Aurora, Ontario-based company said in a release on Thursday.
The Justice Department's auto-parts probe yielded its first charges last month, when Furukawa Electric Co. Ltd. agreed to plead guilty to fixing prices and rigging bids on automotive wire harnesses, which are used to control electronic components in cars. The Tokyo-based company will pay a $200 million fine. Three Furukawa executives also agreed to plead guilty and serve jail time.