Contact: Bridgette LaRose
DENSO International America, Inc.
Phone: (248) 372-8266
– The Korea Fair Trade Commission (the “KFTC”) announced today that it decided to order to rectify illegal conduct and impose a surcharge to certain automotive suppliers pursuant to Articles 19, 21 and 22 of the Monopoly Regulation and Fair Trade Act, in connection with certain past sales of automotive ignition coils and exhaust gas temperature sensors.
The KFTC has investigated this matter at certain automotive suppliers, including DENSO Corporation and its subsidiary in Republic of Korea, and the DENSO companies have fully cooperated with the KFTC.
As per the KFTC’s announcement, DENSO Corporation and its subsidiary, DENSO Korea Automotive Corporation, were named as the suppliers involved in violation of the Monopoly Regulation and Fair Trade Act (No. 8 of Section 1 in Article 19). However, the DENSO companies were exempted from all of the KFTC’s orders as described above, because they had completely eliminated the conduct that was suspected to be in violation before the commencement of the authority’s investigation and because they applied to the KFTC for the leniency program in regard to suspected illegal conduct related to sales of automotive ignition coils and exhaust gas temperature sensors, which was granted by the KFTC.
It is DENSO’s policy to comply with all applicable antimonopoly laws. Since learning of the investigation that was conducted at its U.S. subsidiary by the U.S. Department of Justice in February 2010, DENSO group companies have been taking various preventative measures, including implementing more stringent compliance rules, more enhanced compliance training and more meticulous compliance monitoring, in order to further ensure that they comply with all applicable antimonopoly laws.
DENSO is committed to compliance with all applicable antimonopoly laws around the world.
DENSO Corp., headquartered in Kariya, Aichi prefecture, Japan, is a leading global automotive supplier of advanced technology, systems and components in the areas of thermal, powertrain control, electronics and information and safety. Its customers include all the world's major carmakers. Worldwide, the company has more than 200 subsidiaries and affiliates in 38 countries and regions and employs nearly 140,000 people. Consolidated global sales for the fiscal year ending March 31, 2014, totaled US$39.8 billion. Last fiscal year, DENSO spent 9 percent of its global consolidated sales on research and development. DENSO common stock is traded on the Tokyo and Nagoya stock exchanges. DENSO common stock is traded on the Tokyo and Nagoya stock exchanges. For more information, go to www.globaldenso.com
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About DENSO in North America:
Currently, in North America, DENSO employs more than 17,000 people at 33 consolidated companies and affiliates. Of these, 28 are manufacturing facilities located in the U.S., Canada and Mexico. In the U.S. alone, DENSO employs more than 14,000 people in California, Alabama, Michigan, North Carolina, South Carolina, Tennessee, Kentucky, Georgia, Iowa, Ohio, Arkansas, and Pennsylvania. DENSO’s North American consolidated sales totaling US$7.9 billion for the fiscal year ending March 31, 2014.
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