In preparation for the European Union’s antitrust ruling on truck-industry pricing, commercial vehicle conglomerate Paccar – the manufacturer of Kenworth, Peterbilt, and DAF nameplates – have set aside an 850-million Euro provision in its first quarter.
This after the European Union notified various commercial vehicle manufacturers in November 2014 that it was investigating the issue of price-fixing following up on an investigation dating back to January 2011.
The commission has noted concerns that commercial manufacturers may have coordinated pricing in Europe, which violates the EU’s antitrust rules which prohibits cartels and restrictive business practises.
The company’s DAF division – which is in cooperation with the EU on the probe – has stated that it has adequate resources in order to fund the fine if found accountable.
Other commercial manufacturers involved in the investigation include Volvo Truck, Daimler, and VW’s MAN division.