EU regulators drop antitrust probe into Faurecia, Tenneco, others

BRUSSELS -- EU antitrust regulators scrapped an investigation into Faurecia, Eberspaecher Group and Tenneco, three years after raiding the suppliers and others on suspicion of anti-competitive practices.The auto industry has been hit with billions of dollars in fines by regulators worldwide -- about $2.9 billion in the U.S. alone -- in recent years for fixing prices of products including thermal systems, seat belts, radiators, windscreen wipers, ball bearings and car air conditioning.The European Commission said at the time of the raids in March 2014 they were concerned the companies may have operated a cartel and abused their dominance in the market for exhaust systems.It did not name the companies. However French parts maker Faurecia, which is 46.6 percent owned by PSA Group, Tenneco and Eberspaecher all confirmed they had been raided at the time.The EU competition enforcer on Friday said the case had been administratively closed without providing details. It can fine companies up to 10 percent of their global revenues for breaching the bloc's rules.Tenneco said it a separate statement it had been notified by the European Commission that the inquiry was closed.Other investigations are ongoing into auto supplies markets including airbags, steering wheels and capacitors.

EU regulators drop antitrust probe into Faurecia, Tenneco, others

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