Magna actively cooperates with the US Department of Justice antitrust investigation

Canadian component supplier Magna International stated that the US Department of Justice is currently conducting an anti-monopoly investigation of the automotive mold industry, and Magna will fully cooperate.

Magna revealed that the US Department of Justice has asked for information on the prices of various molds, as well as documents for its subsidiary Cosma International's ongoing mold supply project. Antitrust agencies in the United States, Europe, and Japan are intensifying investigations into the US automotive industry supply chain in recent months.

Last month, the U.S. Department of Justice investigated that Furukawa Electric had manipulated a price monopoly case. This triggered an anti-monopoly investigation of various parts and components companies. The FBI conducted surprise attacks on Yazaki North America and Denso America. In the investigation, the European Commission also conducted surprise inspections on the subsidiaries of TRW and Lear in Europe.

Magna is one of the world's leading suppliers of parts and components. It ranks fifth in the world's top 100 parts companies and has sales of US$23.6 billion in 2010. Magna said: "Our principle is to follow the anti-monopoly law and various competition laws and regulations. We will actively cooperate with the US Department of Justice investigation."