Feb 22, 2018
NGK SPARK PLUG CO.,LTD.
NGK SPARK PLUG CO., LTD. reaches settlement with European Commission
On February 21, 2018 (Brussels Time), NGK SPARK PLUG CO., LTD. (hereafter “NGK SPARK PLUG”) was notified by the European Commission (the “Commission”) of its decision imposing a fine of 30,265,000 Euros for an infringement of EU competition law in connection with past sales of spark plugs within the European Economic Area.
NGK SPARK PLUG and its subsidiaries have been fully cooperating with the Commission’s investigation. Having taken into consideration the facts discovered through the investigation, NGK SPARK PLUG was able to successfully reach a settlement with the Commission. As a result, the above fine has been imposed by the Commission.
NGK SPARK PLUG takes compliance very seriously and will continue its group-wide compliance training to prevent the recurrence of such conduct. NGK SPARK PLUG will ensure to restore trust from its stakeholders.
NGK SPARK PLUG does not modify its consolidated financial forecast for the year ending March 31, 2018 as a result of this matter.