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SOFTWARE INDUSTRY NEWS |
EU fines chip makers for price fixing |
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The European Unions' Competition Commission (EC) has fined chip manufacturers €300 million ($403 million) on account of their cartel-like behavior. Chip makers Samsung, Infineon and Toshiba were amongst the nine companies fined a cumulative $403 million for behaving like a cartel to fix prices. Announcing the settlement last week, EU competition commissioner Joaquin Almunia said that the companies had acknowledged that they “coordinated prices” and have chosen to settle the case with the commission under a new settlement process that allows a 10 percent relief on fines for coming clean. South Korean chip maker Samsung was fined the maximum, shelling out $179 million. Infineon Technologies, which is based out of Neubiberg, Germany and markets its memory chips through subsidiary Qimonda, was fined $70 million. Reports said that other companies fined include Elpida Memory, NEC Electronics, Hitachi, Toshiba, Mitsubishi Electric and Nanya Technology. |
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