Denso: European Commission's Announcement Concerning the EU Competition Law related to Certain Automotive Components
KARIYA, JAPAN, Feb, 21 2018 - (JCN Newswire) - On February 21, 2018 (Central European Time), the European Commission announced that it has imposed fines on certain automotive suppliers that infringed EU competition law in connection with past sales of automotive spark plugs.
The Commission has investigated certain automotive suppliers including DENSO Corporation in this matter, and DENSO has fully cooperated with the investigation.
As per the Commission's announcement, DENSO Corporation was named as one of the suppliers that had been involved in the conduct suspected to be in violation of EU competition law. However, the company received full immunity from fines, because the company had completely eliminated the conduct that was suspected to be in infringement before the Commission's investigation, and because it applied to the Commission under the leniency program in regard to suspected illegal conduct related to sales of the product, which was granted by the Commission.
It is DENSO's policy to comply with all applicable competition laws. Since learning of the investigation that was conducted at its U.S. subsidiary by the U.S. Department of Justice in February 2010, DENSO has taken various measures, including implementing even more stringent compliance rules and even more enhanced compliance training to further ensure that its employees comply with all applicable competition laws. DENSO believes that it has remained in complete compliance with all competition laws.
DENSO is committed to compliance with all applicable competition laws around the world.
DENSO Corporation, headquartered in Kariya, Aichi prefecture, Japan, is a leading global automotive supplier of advanced technology, systems and components in the areas of thermal, powertrain control, electronics and information and safety. Its customers include all the world's major carmakers. Worldwide, the company has more than 200 subsidiaries and affiliates in 38 countries and regions and employs nearly 140,000 people. Consolidated global sales for the fiscal year ending March 31, 2014, totaled US$39.8 billion. Last fiscal year, DENSO spent 9 percent of its global consolidated sales on research and development. DENSO common stock is traded on the Tokyo and Nagoya stock exchanges. For more information, go to www.globaldenso.com, or visit our media website at www.densomediacenter.com.
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