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Oct 1, 2010
Panasonic Announces Conclusion of Plea Agreement with the United States Department of Justice Regarding Compressors for Refrigerators
Osaka, Japan, October 1, 2010 - Panasonic Corporation (NYSE:PC/TSE:6752, "Panasonic") announced today that it has entered into a plea agreement with the United States Department of Justice, agreeing to pay $49.1 million in fines to resolve claims that its household refrigerator compressor business unit engaged in certain anticompetitive activity regarding price fixing with other compressor manufacturers.
The Department of Justice has been investigating pricing practices of compressor manufacturers, including Panasonic, since February 2009, and Panasonic has cooperated fully in this investigation. Panasonic entered into the plea agreement after carefully taking into consideration the applicable laws and related regulations, the facts, and other factors.
There shall be no material effect on the financial outlook for the fiscal year ending March 31, 2011 as a result of this payment.
It is the policy of Panasonic Corporation to comply with all applicable laws and regulations, including antitrust regulations. Panasonic takes this matter seriously and will make every effort to maintain the public's confidence.
Panasonic Corporation is a worldwide leader in the development and manufacture of electronic products for a wide range of consumer, business, and industrial needs. Based in Osaka, Japan, the company recorded consolidated net sales of 7.42 trillion yen (US$79.4 billion) for the year ended March 31, 2010. 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/.
- Akira Kadota (Japan)
- International PR
- (Tel: +81-3-6403-3040)
- Panasonic News Bureau (Japan)
- (Tel: +81-3-3542-6205)
- Jim Reilly (U.S.)
- (Tel: +1-201-392-6067)
- Anne Guennewig (Europe)
- (Tel: +49-611-235-457)
Investor Relations Contacts:
- Makoto Mihara (Japan)
- Investor Relations
- (Tel: +81-6-6908-1121)
- Yuko Iwatsu (U.S.)
- Panasonic Finance (America), Inc.
- (Tel: +1-212-698-1360)
- Hiroko Carvell (Europe)
- Panasonic Finance (Europe) plc
- (Tel: +44-20-3008-6887)
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