The US Department of Justice has been on a campaign over the past few years to crack down on price fixing in the auto industry, especially from Japanese parts suppliers. In the agency's most recent count, it has indicted 46 people with 26 guilty pleas and raised over $2.4 billion in fines from 31 companies, including nine at once in 2013. Unfortunately, about 20 of these men remain fugitives from the DoJ and catching them might be very difficult.
Two well-known companies in the industry will combine to create the second-largest auto parts supplier in the world. ZF Friedrichshafen AG, best known for its transmissions, has announced it is buying TRW Automotive Holdings, a major player in safety tech, as part of an approximately $12.4-billion cash deal based on equity value that is already approved by both companies' boards.
A global auto industry price-fixing scandal being investigated by the US Department of Justice continues to unfurl as ever more companies – most of them Japanese – are found guilty of fixing the prices of numerous types of vehicle parts. Toyo Tire & Rubber is the latest company to agree to plead guilty to the crime and to pay a fine of $120 million, according to a statement by the DoJ.
A new study by consulting firm A.T. Kearney has found that more than half of all current automotive suppliers could file for bankruptcy protection in 2009, resulting in at least 1 million job losses. Even the most optimistic scenario would have 35% of all suppliers facing insolvency, and some projections suggest as many as 70% could face restructuring through bankruptcy. No specific names were mentioned, but these suppliers could range in size from small Tier 2 companies all the way to the large
IBM has been running brainstorming 'jams' for years now, I remember them myself from my days with Big Blue. Until now though, the ecosystem of automotive suppliers has yet to take advantage of these online brainstorming session where thousands of people from hundreds of organisations come together, via online discussion, to identify solutions to common industry challenges and concerns. IBM is teaming up with the Original Equipment Suppliers Association (OESA) to hold the first ever Automotive Su
- Our favorite reveals from the LA Auto Show
- You can probably get a great deal on a new Fiat
- 2016 Holiday Gift Guide
- Is it time to buy a Pontiac Aztek?
- Fastest-depreciating cars in the United States
- Most and least efficient car companies