NTN: European Commission

Resource from: NTN Corporation Likes:200

Mar 21,2014

Please be advised that on March 19, 2014, NTN Corporation (hereafter, NTN) and its European consolidated subsidiaries have received the notification of a decision on automotive bearings from the European Commission. The details are as follows: 1. Main points of the decision In connection with automotive bearing business, the European Commission decided to impose fines of 201,354 thousand euros (about 28,453 million yen) on European consolidated subsidiaries of NTN including NTN-SNR ROULEMENTS (France), and NTN as their parent company, on the grounds that the European subsidiaries concerned violated the EU competition law with respect to sales made in Europe. 2. Background Since November 2011, the European Commission has been conducting the investigation on NTN and the European consolidated subsidiaries concerned for suspicion of the violations of the EU competition law regarding automotive bearing business, and NTN and the European consolidated subsidiaries have cooperated with such investigation. The European Commission's decision was adopted following the settlement procedures under EU competition law. NTN Corporation will continue promoting business activities through fair and faithful competition by globally strengthening a system for thorough compliance with laws and regulations, social norms, ethics, and in-house rules, etc. 3. Impacts on earnings results There is no revision to earnings forecasts resulting from the subject matter as we posted a provision in relation to the European Commission's investigation in the third quarter results of this fiscal year.

(NTN Corporation)

【CBCC News Statement】
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.

Add to My Favorites

[Close the window]

Previous Schaeffler is driving "Mobility for tomorrow" – positive growth prospects for 2014
Next NSK reaches settlement with the European Commission in the automotive bearings investigation

BRIEF INTRODUCTION

Cnbearing is the No.1 bearing inquiry system and information service in China, dedicated to helping all bearing users and sellers throughout the world.

Cnbearing is supported by China National Bearing Industry Association, whose operation online is charged by China Bearing Unisun Tech. Co., Ltd.

China Bearing Unisun Tech. Co., Ltd owns all the rights. Since 2000, over 3,000 companies have been registered and enjoyed the company' s complete skillful service, which ranking many aspects in bearing industry at home and abroad with the most authority practical devices in China.