By Maria Armental
Corning Inc.’s Japanese unit has agreed to plead guilty to conspiring to fix prices and pay a fine of $66.5 million, as part of a long-running, industry-wide federal crackdown on the auto-parts industry. Under the settlement, subject to court approval, Corning admitted to the civil violation, saying a former employee ” acted secretly and alone” in fixing the market for ceramic substrates, used in catalytic converters for cars sold in the U.S. by Ford Motor Co., General Motors Co. and Honda Motor Co. The Justice Department’s auto-parts probe has focused on price-fixing in an array of products, from instrument panels to air bags and steering wheels. To date, the U.S. investigation has produced more than $2.6 billion in criminal fines.
Write to Maria Armental at firstname.lastname@example.org
(END) Dow Jones Newswires 05-16-161528ET Copyright (c) 2016 Dow Jones & Company, Inc.