TOKYO--(BUSINESS WIRE)--Mitsubishi Electric Corporation (TOKYO:6503) announced today that, following an extensive internal review, it will comply with an order from the European Commission to pay a surcharge amounting to 110,929,000 euros, which was received on January 27. The payment is for infringement of European Union competition law in connection with certain automotive parts.
Mitsubishi Electric, which takes this matter very seriously, cooperated closely with an investigation that was launched on July 22, 2011.
Mitsubishi Electric will take all necessary steps to ensure that it thoroughly implements necessary compliance measures to recover the public’s trust.
Payment of the surcharge will not change Mitsubishi Electric’s consolidated financial forecast for the fiscal year ending March 2016.
Competition Law Countermeasures Regarding Automotive Equipment
Mitsubishi Electric’s Automotive Equipment Group established the Automotive Equipment Compliance Office on October 1, 2011 to review internal rules and compliance training for employees. Mitsubishi Electric, consistent with its commitment to earning the public’s trust, formed compliance divisions in each business group on October 1, 2012 and subsequently has instituted a variety of measures to further strengthen compliance programs concerning not only competition law but all laws and regulations.
About Mitsubishi Electric Corporation
With over 90 years of experience in providing reliable, high-quality
products, Mitsubishi Electric Corporation (TOKYO:6503) is a recognized
world leader in the manufacture, marketing and sales of electrical and
electronic equipment used in information processing and communications,
space development and satellite communications, consumer electronics,
industrial technology, energy, transportation and building equipment.
Embracing the spirit of its corporate statement, Changes for the Better,
and its environmental statement, Eco Changes, Mitsubishi Electric
endeavors to be a global, leading green company, enriching society with
technology. The company recorded consolidated group sales of 4,323.0
billion yen (US$ 36.0 billion*) in the fiscal year ended March 31, 2015.
For more information visit:
http://www.MitsubishiElectric.com
*At
an exchange rate of 120 yen to the US dollar, the rate given by the
Tokyo Foreign Exchange Market on March 31, 2015
