| By Business Wire |
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| December 5, 2012 08:41 PM EST |
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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.
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The fines imposed by European Commission are as follows:
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Panasonic: €157,478,000
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Panasonic and MTPD, jointly and severally liable: €7,885,000
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Panasonic, MTPD and Toshiba Corporation, jointly and severally
liable: €86,738,000
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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.
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 (NYSE:PC) stock exchanges. For more
information on the company and the Panasonic brand, visit the company's
website at http://panasonic.net/
