OSAKA, Japan--(BUSINESS WIRE)--Panasonic Corporation (NYSE:PC)(TOKYO:6752)("Panasonic") announced today that the Company and its subsidiary MT Picture Display Co., Ltd. ("MTPD") has been informed that the European Commission has issued a decision finding that a number of companies, including Panasonic and MTPD, previously participated in an agreement to restrict competition in the sale of Cathode Ray Tubes for televisions sold in Europe in violation of EU competition law.
The fines imposed by European Commission are as follows:
|-||Panasonic and MTPD, jointly and severally liable: €7,885,000|
|-||Panasonic, MTPD and Toshiba Corporation, jointly and severally liable: €86,738,000|
Panasonic and MTPD have already exited the CRT business. Panasonic believes this decision is factually and legally erroneous as it applies to Panasonic and MTPD and will consider its options for appeal to the European courts.
Panasonic Corporation is a worldwide leader in the development and manufacture of electronic products for three business fields, consumer, components & devices, and solutions. Based in Osaka, Japan, the company recorded consolidated net sales of 7.85 trillion yen for the year ended March 31, 2012. It aims to become the No. 1 Green Innovation Company in the Electronics Industry by the 100th year of its founding in 2018. The company's shares are listed on the Tokyo, Osaka, Nagoya and New York (NYSE:PC) stock exchanges. For more information on the company and the Panasonic brand, visit the company's website at http://panasonic.net/