Corning International K.K. Plead Guilty $66.5M

Corning International K.K. Plead Guilty $66.5M for Fixing Prices of Automotive Parts


Department of Justice – Office of Public Affairs

FOR IMMEDIATE RELEASE:   Monday, May 16, 2016

Corning International K.K.-0Corning International K.K. Plead Guilty $66.5 Million Fixing Prices Automotive


usa-flag-map

Corning International K.K. Guilty $66.5M Fixing Prices (Corning International K.K.) has agreed to criminal fine for conspiring to fix prices, rig bids and allocate the market for ceramic substrates sold in the United States and elsewhere, and used in catalytic converters supplied to automobile manufacturers in the United States and elsewhere, the Justice Department announced today.

According to the felony charge filed today in U.S. District Court for the Eastern District of Michigan, Corning International K.K., based in Tokyo, conspired to fix prices, rig bids and allocate the market for ceramic substrates, from at least as early as July 1999 until on or about July 2011.  The products were installed in automotive emissions control systems and supplied to automobile manufacturers including Ford Motor Company, General Motors LLC, Honda Motor Company Ltd., and certain of their subsidiaries, affiliates, and suppliers in the United States and elsewhere.  Corning International K.K. agreed to cooperate in the department’s ongoing investigation.  The plea agreement will be subject to court approval.

“Corning International K.K. – and Nobuhiko Niwa, its former executive, who was indicted last week – spent more than a decade colluding on sales of an important component of emissions systems for use in cars made and sold in the United States and elsewhere,” said Deputy Assistant Attorney General Brent Snyder of the Justice Department’s Antitrust Division.  “But they have now been held accountable for the competitive harm they caused.”

“Corning International K.K.’s conspiracy to rig bids and fix prices brought the company increased revenues at a cost to auto manufacturers, suppliers, and ultimately, consumers,” said Special Agent in Charge David P. Gelios of the FBI’s Detroit Division.  “Attempts to thwart the free market system are damaging to our economy, and thereby its consumers, and will be actively investigated and prosecuted.”

Including Corning International K.K., 40 companies have been charged in connection with this investigation and have agreed to pay more than $2.7 billion in criminal fines.  In addition, 59 individuals have been charged, including a former executive of Corning International K.K.  On May 11, 2016, a federal grand jury in the Eastern District of Michigan returned an indictment against Nobuhiko Niwa, a Japanese national, for his role in the conspiracy.  Niwa was charged with participating in the conspiracy from at least as early as July 1999 until on or about July 2011.

This charge results from an ongoing investigation conducted by the Antitrust Division’s Washington Criminal I Section and the FBI’s Detroit Division with the assistance of the FBI Headquarters’ International Corruption Unit.  Anyone with information on price fixing, bid rigging and other anticompetitive conduct related to the automotive parts industry should contact the Antitrust Division’s Citizen Complaint Center at 1-888-647-3258, visit http://www.justice.gov/atr/contact/newcase.html or call the FBI’s Detroit Field Office at 313-965-2323.


Corning Japanese Unit Pleads Guilty in U.S. Car-Parts Probe

 

 

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 maria.armental@wsj.com



  (END) Dow Jones Newswires
  05-16-161528ET
  Copyright (c) 2016 Dow Jones & Company, Inc.

Corning International, Kabushiki Kaisha, a Japanese subsidiary of Corning Incorporated, announced that it has reached a definitive agreement with the U.S. Department of Justice to resolve an investigation into the pricing of certain automotive products. Under the resolution, CIKK will plead guilty to a single antitrust violation; admit that, acting through a single former CIKK employee, it engaged in a conspiracy to fix prices and rig bids for ceramic substrates sold to a Japanese automotive company; and pay a fine of $66.5M (equivalent of JPY 7.2B). This former CIKK employee acted secretly and alone, and he was indicted by the DOJ on May 11. The DOJ has agreed that it will not pursue further criminal prosecution of CIKK for any conduct involving the sales of such automotive products. Corning did not engage in any illegal activities, and the DOJ has agreed not to prosecute Corning. CIKK’s agreement with the DOJ will be submitted to the U.S. District Court for the Eastern District of Michigan for approval. CIKK and Corning have cooperated with the DOJ investigation since it was brought to the companies’ attention by the DOJ in March 2012.

Read more at:   http://thefly.com/landingPageNews.php?id=2375803



Company Overview

Corning International K.K. operates as a subsidiary of Corning Inc.
Akasaka Intercity: 7th floor
1-11-44 Akasaka
Minato-ku Tokyo,  107-0052 Japan
Phone: 81 3 3586 5002
Fax: 81 3 3224 1405

Key Executives for Corning International K.K.

Corning International K.K. does not have any Key Executives recorded.

 

Similar Private Companies By Industry

Company Name Region
Yonei & Co., Ltd. Asia
Setouchi Trading, Inc. Asia
Tominaga & Co.,Ltd. Asia
Fuji Denki Reiki Co. Ltd. Asia
Yamada Sangyo Co.,Ltd. Asia

Recent Private Companies Transactions

Type
Date
Target
No transactions available in the past 12 month

Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup

Most Searched Private Companies

Company Name Geographic Region
Lawyers Committee for Civil Rights Under Law United States
Bertelsmann AG Europe
Bloomberg L.P. United States
NYC2012, Inc. United States
Rush University United States

 


Follow

Corning Incorporated Common Stock Quote & Summary Data

 

 
GLW :$19.21 / 0.52 / 2.78%
*Delayed – data as of May 16, 2016  –  Find a broker to begin trading GLW now
Exchange: NYSE
Industry: Basic Industries
Community Rating:
View:    GLW After Hours
 
 
 
 Save Stocks
 
 
 
1 Year Target 18.25
Today’s High /Low  / 
Share Volume
90 Day Avg. Daily Volume 11,009,722
Previous Close $ 18.69
52 Week High/Low $ 22.05 / $ 15.42
Market cap $ 20,657,445,377
P/E Ratio 60.03
Forward P/E(1y) 13.95
Earnings Per Share (EPS) $ 0.32
Annualized dividend $ 0.54
Ex Dividend Date Feb. 23, 2016
Dividend Payment Date Mar. 31, 2016
Current Yield 2.89 %
Beta 1.1
 

Intraday Chart

Intraday Chart

 

ETFs with GLW as a Top 10 Holding*

Weighting ETF Name (Symbol) 100-Day Price Change (%)
2.69% PowerShares WilderHill Progressive Energy Portfolio (PUW) +1.81  (9.40%)
 

*Data is provided by Barchart.com. Data reflects weightings calculated at the beginning of each month. Data is subject to change.

 

**Green highlights the top performing ETF by % change in the past 100 days.

 

Company Description (as filed with the SEC)

Corning traces its origins to a glass business established in 1851. The present corporation was incorporated in the State of New York in December 1936. The Company’s name was changed from Corning Glass Works to Corning Incorporated on April 28, 1989. Corning Incorporated is one of the world’s leading innovators in materials science. For more than 160 years, Corning has applied its unparalleled expertise in specialty glass, ceramics, and optical physics to develop products that have created new industries and transformed people’s lives. We succeed through sustained investment in research and development, a unique combination of material and process innovation, and close collaboration with customers to solve tough technology challenges.  … More

 

Risk Grade

Where does GLW fit in the risk graph?

Risk Grade Scale

Consensus Recommendation – Additional Info

 
 
 
 

Research Brokers before you trade – Compare Online Brokers

 


Leave a Reply

Your email address will not be published.

FBI Search

www.fbi-search.com


FBIS AIHT IHT IHT VVM RYMG CYMG UYMG SiteMaps-IHT