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Brussels punished Philip and three other companies with $ 130 million for pricing
The pact resulted in higher prices for consumers, the European Commission said.
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Brussels fined 111 million euros – about $ 130 million – to electronics manufacturers Philips, Pioneer, Asus and Denon & Marantz for imposing fixed or minimum resale prices online retailers. The European Commission detailed in a statement that the actions taken by the companies resulted in higher prices which ultimately affected consumers.
"Because of the actions taken by these four companies, millions of European consumers have had to face higher prices for kitchen appliances, hair dryers, laptops, headphones and many more According to the European Commissioner for Competition, Margrethe Vestager, such a declaration is illegal
Related Article The European Commission asks Trump to clarify its position "If these retailers did not respect the prices charged by the manufacturers, they were exposed to threats or sanctions, such as the cessation of deliveries, "said the Commission.So, online sellers could not resort to the tools commonly used to set prices on Internet, which rely on price-setting algorithms that automatically adjust prices to the amount charged by competitors. [19659007] The total fine of 111 million In all four cases, the reduction in the number of euros has been reduced by the cooperation of companies involved with the Commission. Thus, Asus has to pay 63.5 million euros, Denon & Marantz 7.7 million and Philips 29.8 million euros. The fine for Pioneer is 10.1 million euros, said Brussels in the statement.
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