Japan's Showa Corp to plead guilty in U.S. to price fixing

WASHINGTON, April 23 Wed Apr 23, 2014 9:58am EDT

WASHINGTON, April 23 (Reuters) - Japan's Showa Corp has agreed to plead guilty to fixing the prices of electric power steering assemblies and to pay a $19.9 million fine, the Justice Department said on Wednesday.

Law enforcement officials in the United States and elsewhere have brought price-fixing cases related to more than 30 auto parts, including seat belts, radiators, windshield wipers, air-conditioning systems, power window motors and power steering components.

From 2007 to 2012, and perhaps longer, Showa worked with other auto parts makers to fix the prices of certain power steering assemblies sold to Honda Motor Co Ltd, the department said. (Reporting by Diane Bartz; Editing by Doina Chiacu)