The European Commission (EC) has imposed a 138 million fine on electronics giants, including Philips, Samsung, and Infineon.
The EU said Philips, Samsung, and Infineon illegal colluded for about two years to share information on contracts and prices.
According to Joaquin Almunia, the EC’s vice president in charge of competition pricing, the three companies have “discussed and exchanged sensitive commercial information on pricing, customers, contract negotiations, production capacity and their future market conduct.”
Firms that “choose to collude, at the expense of both customers and end consumers, should expect sanctions”, he explained.
Time to Appeal
Infineon rejected the charges and argued they would appeal, while South Korean tech giant Samsung had yet to confirm or provide statement.
Meanwhile, Philips released a statement, saying it “plans to appeal the decision.”
Germany’s Infineon was fined 82.8 million euros, while Philipps 20.2 million euros and Samsung 35.1 million euros.
The legal charges come after a failed attempt to settle the case with some of the companies involved.
EU regulators claim all fined companies knew their conduct was illegal.