TOKYO Oct 10 Takata Corp will pay
$71.3 million to settle antitrust charges brought by U.S.
federal prosecutors over price fixing of seatbelts sold to
carmakers, the Japanese auto parts maker said on Thursday.
Takata will book an extraordinary loss of around $72
million, or 7 billion yen, in its July-September earnings, it
said. It currently expects to book a net profit of 14.5 billion
yen for the financial year ending March 2014.
Takata's agreement is the latest development in an
investigation into price fixing of a broad range of car parts
involving more than 20 companies.
Takata's CEO Shigehisa Takada will face a 30 percent cut in
executive compensation while other directors will face a 15
percent cut, the company said.
Takata released a statement in Tokyo, and details of the
deal with the U.S. Department of Justice were not immediately
Last month, nine companies based in Japan and two executives
had agreed to plead guilty and to pay almost $745 million in
fines for their roles in long-running conspiracies to fix the
prices of auto parts sold to U.S. car manufacturers.
($1 = 97.1950 Japanese yen)
(Reporting by Yoko Kubota. Editing by Jane Merriman)