Schaeffler makes 230 mn euros in provisions for potential damages claims over price rigging lawsuit

Resource from: ET Auto.com Likes:236

Dec 21,2015

BERLIN, - German automotive supplier Schaeffler has made 230 million euros ($248.7 million) in provisions to cover potential damages claims related to a European Union antitrust lawsuit over price rigging, the company said. The European Commission imposed a fine of 370 million euros against Schaeffler last year after finding that the company had engaged with rivals in manipulation of prices for roller bearings for cars and trucks. "The provision is intended to cover potential claims from third parties in relation to the EU antitrust proceedings that were closed in March 2014," Schaeffler said. Schaeffler, the biggest shareholder in German auto parts and tyre maker Continental, said on Thursday that it is accounting for the provision as a special item in fourth-quarter earnings before interest and tax (EBIT). The company is sticking to its full-year target for an operating EBIT margin of between 12 percent and 13 percent before special items.

(ET Auto.com)

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