Mitsubishi Electric: Withdrawing from the LCD business Unprofitable due to intensifying competition with foreign countries 0:21 on June 16

Mitsubishi Electric as no longer expected a profit in the intensifying competition with China and other manufacturers, we decided to withdraw from the LCD business to prospect the year after next. Although we plan to liquidate a subsidiary in Kumamoto Prefecture, we will maintain approximately 430 employees within the group.

And depends on the announcement, Mitsubishi Electric is that from the liquid crystal business of automobiles and industrial machinery for the subsidiary "Melco Display Technology" has been involved in the Kumamoto Prefecture Kikuchi, to withdraw to the prospect of the year after next June.

Subsidiaries will be liquidated because profitability cannot be expected due to intensifying price competition with Chinese manufacturers.

Meanwhile, some 430 employees will be relocated to other companies in the group to retain employment.

According to Mitsubishi Electric's financial results for the entire group in the fiscal year ended March 31, the LCD business sales were about 28.5 billion yen, and the company said that this withdrawal will not have a significant impact on future business results.

Regarding the LCD business, Panasonic has decided to withdraw from LCD panel production next year due to intensifying competition with overseas companies.