}
| 1:18 AM EST

Europe Probes Bosch for Price Fixing


#Schaeffler #Hyundai #europe

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Robert Bosch GmbH says it is being investigated by the European Commission for possible conspiracy to fix prices on car parts.

Last month Schaeffler Group revealed that it also was under investigation on similar charges involving unspecified components and customers. The company says it has set aside €380 million to pay for possible fines.

The EC probes are part of a multi-year international investigation into price fixing that in the U.S. alone has resulted in some €1.3 billion in fines against 20 companies involving 30 components ranging from wiring harnesses to air-conditioning systems.

Last month Bosch was fined nearly €4 million by South Korea's Fair Trade Commission. The agency said the company rigged prices on instrument panels and windshield wiper systems supplied to Hyundai Motor Co. and its Kia Motors affiliate.

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