Sweden's Trelleborg AB manufacturers marine fenders and marine hoses.
Marine fenders are used as a cushion between ships and structures such as docks, piers, and other ships.
Marine hose is a flexible rubber hose used to transfer oil between tankers and storage facilities.
The lawsuit alleged that Trelleborg AB and four of its subsidiaries conspired to submit rigged bids, fix prices and allocate market shares on marine fenders and plastic pilings purchased by the U.S. Navy and other federal departments and agencies.
As part of the settlement, Trelleborg has agreed to pay the largest share, $14 million.
The U.S. attorney district office based in Los Angeles negotiated the settlement.
The case arose because of a whistleblower lawsuit originally filed in 2005.
The Associated Press contributed to this report.