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EU regulators drop antitrust probe into Faurecia, others
April 28, 2017 / 3:57 PM / 7 months ago

EU regulators drop antitrust probe into Faurecia, others

BRUSSELS (Reuters) - EU antitrust regulators scrapped on Friday an investigation into Faurecia (EPED.PA), Germany’s Eberspaecher Group and TenneCo (TEN.N) of the United States, three years after raiding the auto suppliers and others on suspicion of anti-competitive practices.

French car parts supplier Faurecia's logo is seen during the company's investor day in Paris, France, April 19, 2016. REUTERS/Charles Platiau

The auto industry has been hit with multi-million euro fines by regulators worldwide in recent years for fixing prices of products including thermal systems, seatbelts, radiators, windscreen wipers, ball bearings and car air conditioning.

The European Commission said at the time of the raids in March 2014 they were concerned the companies may have operated a cartel and abused their dominance in the market for exhaust systems.

It did not name the companies. However French auto parts maker Faurecia, which is 46.6 percent owned by French carmaker PSA Group (PEUP.PA), TenneCo and Eberspaecher all confirmed they had been raided.

The EU competition enforcer said the case had been administratively closed without providing details. It can fine companies up to 10 percent of their global turnover for breaching the bloc’s rules.

TenneCo said it a separate statement it had been notified by the European Commission that the inquiry was closed.

Other investigations are ongoing into auto supplies markets including airbags, steering wheels and capacitors.

Reporting by Foo Yun Chee; Editing by Mark Potter

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