Paccar Booking $945 Million to Cover European Price-Fixing Probe

Paccar has set aside $945 million in an SEC filing to cover a potential fallout from a European Union antitrust ruling on truck-industry pricing, according to The Seattle Times.

Paccar has set aside $945 million in an SEC filing to cover a potential fallout from a European Union antitrust ruling on truck-industry pricing, according to The Seattle Times.

According to the report, the EU told heavy-vehicle manufacturers in November 2014 that it was looking into potential price-fixing issues, following up on an investigation that started in January 2011.

The Times said the commission is concerned that some truck makers may have agreed to or coordinated pricing in Europe, which would violate EU antitrust rules barring cartels and restrictive best practices.

According to the Times:

Volvo and Daimler have also set aside funds because of the investigations, while Volkswagen’s MAN division said in its 2015 annual report that it’s cooperating fully with authorities but hasn’t yet taken provisions.

Paccar reported record net income of $1.6 billion in 2015 on revenue of $19.1 billion.

The full story is available here.

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