A German subsidiary of Manchester-based manufacturer Lydall Inc. has agreed to pay approximately $3.5 million to settle a probe into alleged violations of German anti-trust laws by European automotive heat shield manufacturers.
The subsidiary, Lydall Gerhardi GmbH Co. & KG, has agreed with the German Cartel Office to pay the one-time sum to “definitively conclude” the investigation, according to information filed with the U.S. Securities & Exchange Commission.
While a formal agreement will be entered into in early 2017, Lydall Gerhardi will record the expense during the fourth quarter ending Dec. 31 and expects to make the payment in the first quarter of 2017.
In the summer of 2014, Lydall said the company and its German subsidiary were cooperating with investigators over possible antitrust allegations. The exact nature of the allegations is unclear. The company could not be reached for comment.
