Following an investigation by the EU of price-fixing allegation against two of the world's major bearing manufacturers, both have set aside substantial amounts for expected fines in 2014. SKF reports that it intends to set aside $455 million and Schaeffler reports that it is setting aside $519 million. This is not the first time that these two companies have had to pay fines for price-fixing. In 2003 they paid fines of 19 million Euros plus for the same type of anti-competitive behavior.
There seems to be a rash of such anti-competitive behavior going on in the bearing industry lately. Investigations have sprung up in various countries involving most of the major bearing manufacturing companies. In Japan corporate leaders for manufacturers of four well-known brands (NTN, NSK, Koyo and Nachi) faced criminal charges for price-fixing activities they engaged in. Later Canada had similar investigations. The USA Department of Justice is investigating allegations of similar activities in that country. Singapore has its own investigation going on. It appears that price-fixing and anti-competitive behavior are rampant in the bearing industry world wide especially among the larger manufacturers of well known brands. I really have to wonder if a company has no problem engaging in illegal price fixing might they also be willing to engage in other dishonest behavior if they thought it would boost their profits.
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