TOKYO (April 16, 2009)—Bridgestone Corp. has decided not to appeal a fine by the European Commission, and pay $77.2 million in connection with a global marine hose price-fixing scandal.
The company said it decided to end the proceedings and focus on reinforcing its compliance system and preventative measures. The EC notified Bridgestone and its British subsidiary, Bridgestone Industrial Ltd., of the action on Jan. 28.
Bridgestone said it has recorded the fine as an expense for its fiscal year that ended Dec. 31, 2008.