Yamaha Corp. said Thursday it will consult with experts on how to respond to a fine of 2.56 million euros (about 340 million yen) that the European Commission slapped on it for alleged price-fixing of musical instruments.
In response to the EC's decision, the musical instrument maker said that while provisions in some past contracts violated competition rules, it was unintentional and had no actual effect on the market.
The European Union's executive body said in a statement Wednesday that Yamaha's system of dividing the European market by country and fixing resale prices "violated EU competition rules."
Yamaha's practices included obliging dealers to sell only to final customers, buy exclusively from Yamaha subsidiaries and seek authorization before selling over the Internet, according to the EC.
The countries included Austria, Belgium, Denmark, France, Germany, Iceland, Italy and the Netherlands.