Pioneer expects extraordinary loss of approximately EUR10 million for Q1

Company under investigation by the European Commission in relation to an infringement of European competition law

Pioneer Europe NV, the European subsidiary of Japan-based Pioneer Corporation, is under investigation by the European Union (EU) in relation to an infringement of a European competition law, the company said in a press release on 25 May. In relation to the development, the Japanese supplier plans to post extraordinary loss of around EUR10 million (USD10.6 million) for the first quarter of the financial year ended 30 June 2018. Pioneer said the amount set aside is presently an estimate and may change in accordance with the future progress.