BRUSSELS, Belgium (Jan. 28, 2009)—The European Commission has imposed a total of $174.6 million in fines on five companies groups for participating in a cartel for marine hoses between 1986 and 2007 in violation of the ban on cartels and restrictive business practices in the EC Treat.
Bridgestone, Dunlop Oil & Marine/Continental, Trelleborg, Parker ITR and Manuli were levied the fines. Yokohama also participated in the cartel but was not fined because it revealed the existence of the cartel to the Commission.
These fines are in addition to any penalties issued by the U.S. Department of Justice.
The fines for Bridgestone and Parker ITR were increased by 30 percent because of their leadership of the cartel. Manuli was granted a 30 percent reduction of its fine for its cooperation with the investigation under the Commission's leniency program.
Bridgestone was hit hardest, with a fine of $77.6 million.