|[January 18, 2013]
Mitsubishi Electric Completes Refund Payments for Overcharged Expenses in Space Systems Business
TOKYO --(Business Wire)--
Electric Corporation (TOKYO: 6503) announced today that it
reimbursed a total of 15,436,571,720 yen as refunds for overcharged
expenses in the space systems business of its Electronic Systems Group
to the Cabinet Satellite Intelligence Center, the Japan Aerospace
Exploration Agency and the National Institute of Information and
Mitsubishi Electric's (News - Alert) suspension from bidding on work for the three
entities will be lifted at midnight tonight.
The impact of the reimbursement on the copany's business performance
has already been considered in the company's current consolidated
financial results forecast for the current fiscal year ending March
2013, which were announced on December 21, 2012.
About Mitsubishi Electric
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 3,639.4
billion yen (US$ 44.4 billion*) in the fiscal year ended March 31, 2012.
For more information visit http://www.MitsubishiElectric.com
*At an exchange rate of 82 yen to the US dollar, the rate given by the
Tokyo Foreign Exchange Market on March 31, 2012
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