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Schaeffler makes 230 mln euros in provisions for potential damages claims
December 17, 2015 / 8:03 PM / 2 years ago

Schaeffler makes 230 mln euros in provisions for potential damages claims

BERLIN, Dec 17 (Reuters) - German automotive supplier Schaeffler has made 230 million euros ($248.7 million) in provisions to cover potential damages claims related to a European Union antitrust lawsuit over price rigging, the company said.

The European Commission imposed a fine of 370 million euros against Schaeffler last year after finding that the company had engaged with rivals in manipulation of prices for roller bearings for cars and trucks.

“The provision is intended to cover potential claims from third parties in relation to the EU antitrust proceedings that were closed in March 2014,” Schaeffler said.

Schaeffler, the biggest shareholder in German auto parts and tyre maker Continental, said on Thursday that it is accounting for the provision as a special item in fourth-quarter earnings before interest and tax (EBIT).

The company is sticking to its full-year target for an operating EBIT margin of between 12 percent and 13 percent before special items. ($1 = 0.9248 euros) (Reporting by Andreas Cremer; Editing by David Goodman)

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