MRO Magazine

Mitsubishi Electric to Comply with Surcharge Payment Order from European Commission


January 27, 2016
By Business Wire News

TOKYO

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

Mitsubishi Electric Corporation
Customer Inquiries
Planning & Administration Department
Automotive Equipment Group
www.MitsubishiElectric.com/ssl/contact/bu/automotive/form.html
www.MitsubishiElectric.com/bu/automotive/index.html
or
Media Inquiries
Katsunobu Muroi, +81-3-3218-2346
Public Relations Division
Mitsubishi Electric Corporation
prd.gnews@nk.MitsubishiElectric.co.jp
www.MitsubishiElectric.com/news/