EC fines Toyoda Gosei over competition law infringement

Kiyosu City, Japan -  Japanese automotive parts maker Toyoda Gosei Co has been fined by the European Commission for “an infringement of EU competition law” in its past sales of automotive airbags.

The Kiyosu City-based company said it had fully cooperated with the EC throughout the investigations and reached a settlement with the Commission regarding the payment of  a fine of €11,262,000.

In a 23 Nov statement, the Japanese supplier said it had developed “an effective compliance system” and, going forward, it would continue to apply measures to prevent the recurrence of similar violations.

The measures include implementing compliance rules and training employees to comply with competition laws, Toyoda Gosei said.