Panasonic Corp. (PC, 6752.TO) and a Whirlpool Corp. (WHR) subsidiary will plead guilty to conspiring to fix prices on refrigerant compressors and will pay $140.9 million in criminal fines, the U.S. Justice Department announced Thursday.

Whirlpool unit Embraco North America Inc. will pay a $91.8 million criminal fine, while Panasonic will pay $49.1 million.

Prosecutors said the price-fixing conspiracy took place from as early as October 2004 until December 2007.

They alleged the two companies, along with other unnamed co-conspirators, held meetings and conversations to fix prices on household compressors and light commercial compressors. The companies also exchanged information to monitor and enforce the agreed-upon prices, prosecutors said.

Refrigerant compressors and used to cool refrigerators and freezers.

Charging documents filed by prosecutors offered no details on how much consumers might have overpaid due to the price-fixing scheme.

Panasonic said in a written statement that it fully cooperated in the investigation and the fine wouldn't materially affect its financial outlook for the fiscal year.

"It is the policy of Panasonic Corporation to comply with all applicable laws and regulations, including antitrust regulations," the company said. "Panasonic takes this matter seriously and will make every effort to maintain the public's confidence."

Embraco didn't immediately respond to a request for comment.

Thursday's charges were the Justice Department's first in this investigation. The department said the investigation was ongoing. The case was filed in a federal court in Detroit.

-By Brent Kendall, Dow Jones Newswires; 202-862-9222; brent.kendall@dowjones.com
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