On March 8, 2017 (Central European Time), the European Commission (the Commission) announced that it has imposed fines on certain automotive suppliers that infringed EU competition law in connection with past sales of automotive HVAC units, compressors, electric compressors and radiators.
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 infringed EU competition law. However, the company received full immunity from fines for HVAC units, compressors and radiators and a reduced fine of EUR322,000 for electric compressors, 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 those four products, which was granted by the Commission.
DENSO does not expect any significant impact on its consolidated financial forecast for the year ending March 31, 2017 as a result of this matter.
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, the company 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.