Tire Firms Hit by EU Raids Over Suspected Price-Fixing Plot
- Continental, Pirelli, Goodyear, Michelin among firms targeted
- EU says firms may have coordinated via public communications
This article is for subscribers only.
Tire firms Michelin, Bridgestone Corp, Continental AG, and Goodyear Tire & Rubber Co. all confirmed they were hit by European Union antitrust raids over a suspected plot to fix prices, amid a widespread probe that sent shares plunging and could pave the way for massive fines.
The European Commission in Brussels said in a statement on Tuesday that the companies, which it didn’t name, were suspected of being involved in a cartel for new replacement tires for passenger cars, vans, trucks and buses. Italy’s Pirelli & C. SpA and Finland’s Nokian Renkaat Oyj also said they were targeted.