Bridgestone to Pay $425 Million Fine in Price-Fixing Case
Source: Bloomberg
Bridgestone Corp. (5108) agreed to pay a $425 million fine and plead guilty to conspiring to fix prices for auto parts, the U.S. Justice Department said.
Bridgestone, based in Tokyo, engaged in a conspiracy to allocate sales and fix prices of anti-vibration rubber parts installed in cars sold in the U.S., the department said in a statement today.
The case stems from the Justice Department’s ongoing antitrust investigation into price-fixing and bid-rigging in the auto-parts industry. Companies have agreed to pay a total of more than $2 billion in criminal fines.
Read more: http://www.bloomberg.com/news/2014-02-13/bridgestone-to-pay-425-million-fine-in-price-fixing-case-1-.html
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>>Japanese tire maker Bridgestone said Monday it expects to top an annual profit record set eight years ago amid a weaker yen.
For 2013, Bridgestone projected a 37% jump over last year to $2.5 billion in net profit, far exceeding its record of a $1.9 billion profit in 2005. It said depreciation of the yen will account for about 80% of the $1 billion increase in profit this year.
The company acknowledged that the yen’s depreciation will in turn lead to higher costs for imported raw materials, although the impact will be overshadowed by higher margins from exported large tires. A weaker yen translates to improved price competitiveness of tires shipped from Japan.
The bright outlook for Bridgestone, the world’s largest tire maker by volume, was announced after downbeat expectations for rivals Michelin, a French company, and Goodyear Tire & Rubber (GT), both of which cited slow auto growth in Europe. Bridgestone also warned of an unstable situation in the region.<<
http://www.foxbusiness.com/industries/2013/02/18/bridgestone-racing-to-record-profit-this-year/
Nice work, if you can get it. 
