Nedschroef and CBC Fasteners Fined
Nedschroef and CBC Fasteners Fined
Jason Sandefur
The South African government determined that automotive fastener companies Nedschroef and CBC Fasteners had “engaged in the fixing of trading conditions and divisions of markets” in violation of the country’s Competition Act,” EngineeringNews.com reports.
South Africa-based CBC and Nedschroef, based in the Netherlands were said to have decided “product, customer and market allocation.” Both companies were fined. CBC Fasteners must pay $43,927, while Nedschroef was fined $29,284. In addition, both firms are required to institute a compliance program to educate employees about the South Africa competition law.
Founded in 1988, CBC is one of South Africa’s largest fastener manufacturers, operating 15 boltmakers and 10 nut formers. Web: bolts.co.za
Nedschroef, founded in 1894, was taken private in May 2007 by Gilde Buy-Out Management Holding B.V. and Parcom Ventures for about EUR 265 million (US$357.8 million). Nedschroef controls 21 companies with operations in 11 countries. Nedschroef reported 2006 sales of EUR 413.5 million (US$545.2m), with more than 90% of revenue coming from automotive fasteners. Web: nedschroef.nl �2007 FastenerNews.com
There are no comments at the moment, do you want to add one?
Write a comment