NACHI-FUJIKOSHI released the decision issued by the European Commission regarding automotive bearings

Resource from: NACHI-FUJIKOSHI CORP. Likes:149

Mar 20,2014

On 19 March 2014 (Central European time), the European Commission has taken a decision to impose a fine of 3,956,000 euros on NACHI-FUJIKOSHI CORP. ("NFC") and its German subsidiary, NACHI EUROPE GmbH ("NE") on the grounds that they, together with a number of their competitors, infringed EU competition law concerning the supply of automotive bearings in the EEA market (the "Decision"). NFC and NE have fully cooperated with the European Commission's investigation and the Decision was reached through a settlement procedure with the European Commission. NFC takes the European Commission's findings very seriously and will ensure rigorous implementation of the compliance measures currently in place at NFC, and its group companies based in and outside Japan, and work to restore public trust. NFC expresses its deep regret for causing significant concerns to its shareholders, customers and all other relevant parties. NFC will account for the amount of the fine stated above as a special loss in the first quarter of NFC's financial year ending November 2014. The Decision does not affect NFC's earnings forecasts for the financial year ending November 2014.

(NACHI-FUJIKOSHI CORP.)

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