Panasonic Announces Appeal Against European Commission Decision on Cathode Ray Tubes for Televisions

Business Wirevia The Motley Fool
Updated

Panasonic Announces Appeal Against European Commission Decision on Cathode Ray Tubes for Televisions

OSAKA, Japan--(BUSINESS WIRE)-- Panasonic Corporation (NYS: PC) (TOKYO:6752)("Panasonic") announced today that Panasonic and its subsidiary MT Picture Display Co., Ltd. ("MTPD") have decided to appeal to the European General Court against the decision* adopted by the European Commission on December 5, 2012, because Panasonic believes this decision is factually and legally erroneous as it applies to Panasonic and MTPD.

Panasonic and MTPD have already exited the CRT business, but will be stating their arguments at court and seeking fair judgment.


* 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 relevant to Panasonic and MTPD are as follows:
- Panasonic: €157,478,000
- Panasonic and MTPD, jointly and severally liable: €7,885,000
- Panasonic, MTPD and Toshiba Corporation, jointly and severally liable: €86,738,000

About Panasonic
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 (NYS: PC) stock exchanges. For more information on the company and the Panasonic brand, visit the company's website at http://panasonic.net/

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Panasonic Corporation
Media Contacts:
Megumi Kitagawa, +81-3-3574-5664 (Japan)
Global Public Relations Office
or
Panasonic News Bureau (Japan)
Tel: +81-3-3542-6205
or
Jim Reilly, +1-201-392-6067 (U.S.)
or
Anne Guennewig, +49-611-235-457 (Europe)
or
Investor Relations Contacts:
Shozo Mizuno, +81-6-6908-1121 (Japan)
Corporate Finance & IR Group
or
Panasonic Finance (America), Inc.
Yuko Iwatsu, +1-212-698-1360 (U.S.)
or
Panasonic Finance (Europe) plc
Hiroko Carvell, +44-20-3008-6887 (Europe)

KEYWORDS: Europe Asia Pacific Japan

INDUSTRY KEYWORDS:

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