The European Commission’s Announcement Concerning its decision under EU Competition Law related to Certain Automotive Components
Toyoda Gosei Co., Ltd. (Head Office: Kiyosu City, Aichi) announces that it was notified by the European Commission (the Commission) of its decision imposing a fine amounting to EUR11,262,000 on Toyoda Gosei for an infringement of EU competition law in connection with past sales of automotive airbags.
Toyoda Gosei has cooperated fully throughout the investigation conducted by the Commission. Having comprehensively taken into consideration factors such as the applicable laws and the facts discovered through the investigation, Toyoda Gosei, after a series of discussions with the Commission, has reached a settlement with the Commission, and as a result, the above fine has been imposed on Toyoda Gosei.
Toyoda Gosei is currently in the process of closely examining whether the payment of the fine under this settlement will have any impact on its consolidated results or forecasts, and Toyoda Gosei will promptly disclose any forecast revisions that become necessary.
Toyoda Gosei has developed an effective compliance system, given that it views compliance with competition law as one of its critical management fundamentals. Going forward, Toyoda Gosei will continue to apply the measures it has taken to prevent the recurrence of similar violations, such as by implementing its compliance rules and training employees to comply with competition laws, and it will continue to endeavor to restore trust in Toyoda Gosei.