Please be advised that on March 19, 2014, NTN Corporation (hereafter, NTN) and its European consolidated subsidiaries have received the notification of a decision on automotive bearings from the European Commission. The details are as follows:
1. Main points of the decision
In connection with automotive bearing business, the European Commission decided to impose fines of 201,354 thousand euros (about 28,453 million yen) on European consolidated subsidiaries of NTN including NTN-SNR ROULEMENTS (France), and NTN as their parent company, on the grounds that the European subsidiaries concerned violated the EU competition law with respect to sales made in Europe.
Since November 2011, the European Commission has been conducting the investigation on NTN and the European consolidated subsidiaries concerned for suspicion of the violations of the EU competition law regarding automotive bearing business, and NTN and the European consolidated subsidiaries have cooperated with such investigation. The European Commission’s decision was adopted following the settlement procedures under EU competition law.
NTN Corporation will continue promoting business activities through fair and faithful competition by globally strengthening a system for thorough compliance with laws and regulations, social norms, ethics, and in-house rules, etc.
3. Impacts on earnings results
There is no revision to earnings forecasts resulting from the subject matter as we posted a provision in relation to the European Commission’s investigation in the third quarter results of this fiscal year.