UPDATE 1-Aussie regulator says Hong Kong's Techtronic ordered to pay $9.9 mln penalty

Reuters2023-12-01

(Adds details from ACCC statement in paragraph 2-6)

Dec 1 (Reuters) - Australian competition regulator said the Federal Court had ordered Hong Kong-based Techtronic Industries to pay a penalty of A$15 million ($9.92 million) after the power tool supplier admitted to engaging in resale price maintenance $(RPM)$.

RPM refers to goods suppliers specifying a minimum price below which a reseller must not supply, offer to supply, advertise, or display those goods for sale, the Australian Competition and Consumer Commission (ACCC) said in a statement on Friday.

ACCC said that the company admitted that between January 2016 and July 2021, it entered into 97 agreements with sellers which restricted the sale of Milwaukee products below a specified minimum price.

Techtronic also admitted that it had restrictive RPM provisions in its contracts 29 times between December 2016 and May 2020, the regulator said, adding that it ordered the company to post corrective notices on its website and to its dealers and implement ACCC's compliance program.

"The ACCC submitted to the Court that this level of penalty was appropriate given the seriousness, duration and extent of Techtronic's conduct," ACCC Deputy Chair Mick Keogh said.

"Resale price maintenance is illegal because it is harmful to price competition, which may mean consumers pay a higher price than they would in a truly competitive market."

($1 = 1.5122 Australian dollars)

(Reporting by Poonam Behura in Bengaluru; Editing by Rashmi Aich)

((Poonam.Behura@thomsonreuters.com;))

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RPM refers to goods suppliers specifying a minimum price below which a reseller must not supply, offer to supply, advertise, or display those goods for sale, the Australian Competition and Consumer Commission (ACCC) said in a statement on Friday.   ACCC said that the company admitted that between January 2016 and July 2021, it entered into 97 agreements with sellers which restricted the sale of Milwaukee products below a specified minimum price.   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