EU Hits Four Electronics Firms with Price-Fixing Fines
Turns out, Google isn’t the only tech company that European regulators have had their sights set on. This week, the European Commission slapped more than 111 million euros in fines ($130 million) on four consumer electronics manufacturing companies for price-fixing their resold items online.
Asus, Denon & Marantz, Philips, and Pioneer were all found to have “limited the ability of online retailers to price” those firms items as they saw fit, according to the EU. Rather than allowing online resellers to post their products for what they considered to be their true value, the four companies allegedly threatened or sanctioned online retailers who wouldn’t comply with their own price suggestions.
“These well-known manufacturers of consumer electronics, they put pressure on online retailers to maintain higher prices. They did so during a period from 2011 and 2015,” Margrethe Vestager, the European competition commissioner, said in a press conference Tuesday via CNBC. “As a result of the actions taken by these four companies, millions of European consumers faced higher prices for kitchen appliances, hair dryers, notebook computers, headphones, and many other products.”