Preparing for a European Union antitrust ruling on truck-industry pricing, Paccar will take a $945 million charge against earnings.
Paccar will book a $945 million provision in the first quarter as it prepares for a European Union antitrust ruling on truck-industry pricing.
The Bellevue-based truck-maker’s DAF division, which is cooperating with the EU on the probe, has enough resources to fund a fine in the amount of the charge, the company said Thursday in a statement.
The EU told heavy-vehicle manufacturers in November 2014 that it was looking into potential price-fixing issues, following up on an investigation started in January 2011.
The commission has concerns that certain truck-makers may have agreed to or coordinated pricing in Europe, which would violate EU antitrust rules barring cartels and restrictive business practices.
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Volvo and Daimler have also set aside funds because of the investigations, while Volkswagen’s MAN division said in its 2015 annual report that it’s cooperating fully with authorities but hasn’t yet taken provisions.
Paccar reported record net income of $1.6 billion in 2015 on revenue of $19.1 billion.
The truck-maker’s stock fell 23 cents, or 0.4 percent, to $53.45 Thursday.