EU fines capacitor manufacturers €254 million for participating in cartel

BRUSSELS (Reuters) – EU antitrust regulators on Wednesday fined eight capacitor makers 254 million euros (221.78 million pounds) for their role in a cartel that lasted more than a decade.

The European Commission found that Elna Hitachi Chemical (4217.T), Holy Stone, Matsuo, Nec Tokin, Nichicon Nippon Chemi-Con and Rubycon have agreed on supply prices for aluminum and tantalum electrolytic capacitors.

Sanyo Electric Co. and Panasonic Corp. notified the EU competition law enforcer and avoided a fine.

Capacitors are used in electronic products such as smartphones, home appliances, automotive electronic systems and wind turbines.

“Our decision makes clear once again that we will not tolerate anti-competitive behaviour that may affect European consumers, even if the anti-competitive contacts take place outside Europe,” European Competition Commissioner Margrethe Vestager said in a statement.

The cartel operated from 1998 to 2012, with meetings taking place mainly in Japan but with a global reach.

(Reporting by Foo Yun Chee, editing by Robin Emmott)