Key Developments: Mitsubishi Electric Corp (6503.T)

6503.T on Tokyo Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Mitsubishi Electric Corp to open new engineering facility in kobe
Monday, 7 Apr 2014 09:30pm EDT 

Mitsubishi Electric Corp:Has completed construction of a new engineering facility in Kobe, Hyogo Prefecture.To strengthen the company's engineering framework for expanded infrastructure-related business in fields such as public projects, power plants/systems and railway transportation.The facility will start operating from the end of April.  Full Article

R&I affirms Mitsubishi Electric’s rating at "AA-" and rating outlook stable
Monday, 31 Mar 2014 02:00am EDT 

Mitsubishi Electric Corp:Rating and Investment Information, Inc. (R&I) has affirmed the rating on the company at "AA-".The rating outlook is stable.  Full Article

Mitsubishi Electric revises year-end dividend forecast for FY 2014
Monday, 17 Mar 2014 02:00am EDT 

Mitsubishi Electric Corp:Sees year-end dividend of 11 yen per share, revised from an undetermined value, for fiscal year ending March 2014.  Full Article

Mitsubishi Electric Corp appoints chairman and president
Wednesday, 19 Feb 2014 11:30pm EST 

Mitsubishi Electric Corp:Appoints Masaki Sakuyama as executive president and Kenichiro Yamanishi as chairman of the board effective April 1.Masaki Sakuyama serves as vice executive president.Kenichiro Yamanishi serves as executive president.  Full Article

Mitsubishi Electric Corp announces judgment of European Union Court of Justice in gas insulated switchgear case
Thursday, 19 Dec 2013 06:45pm EST 

Mitsubishi Electric Corp:Says the Court of Justice of the European Union upheld a ruling by the European General Court regarding the question of the company's infringement of EU competition law in respect of sales of gas insulated switchgear (GIS), on Dec. 19.Says the company had appealed to the Court of Justice of the EU to assert that the European General Court's judgment incorrectly upheld a finding of the EU Commission in July 2011.Says the company regrets that the Court of Justice of the EU has rejected the assertion that the company did not breach EU competition law in respect of GIS sales.Says the judgment will not affect the company's financial forecast for the fiscal year ending Mar. 31, 2014, and the company's appeal to the European General Court for a recalculation and reduction of the fine is still pending.  Full Article

Siemens AG, Mitsubishi Electric Corp and Toshiba Corp lose appeal over EU cartel fine-Reuters
Wednesday, 18 Dec 2013 07:00pm EST 

Siemens AG, Mitsubishi Electric Corp and Toshiba Corp:Lose an appeal at Europe's highest court over a ruling made in 2007 that they were part of a cartel selling electrical equipment-Reuters.The European Court of Justice (ECJ) said in a statement that the fine of 397 million euros ($546.4 million) handed down to Siemens, as well as the finding that Mitsubishi and Toshiba participated in the cartel were thus final.The European Commission had fined a total of 10 companies including Alstom and Areva in 2007 for taking part in a gas insulated switchgear cartel, with the 750 million euro total penalty.While Mitsubishi and Toshiba had succeeded in getting their fines annulled by the General Court of the European Union, the Commission has since recalculated the amounts, setting a 74.8 million euro penalty for Mitsubishi and 56.8 million for Toshiba.Siemens said it respected the decision of the court.Mitsubishi and Toshiba said they would fight to get the fines reduced.  Full Article

Shandong New Beiyang Information Technology Co Ltd to acquire equity stake from Mitsubishi Electric Corp
Tuesday, 10 Dec 2013 07:00pm EST 

Mitsubishi Electric Corp:Shandong New Beiyang Information Technology Co Ltd will acquire a 4.8 pct stake in Shandong Hualing Electronics Co., Ltd from Mitsubishi Electric Corp, for 9.984 million yuan.Shandong New Beiyang Information Technology Co Ltd's stake in Shandong Hualing Electronics Co., Ltd will be increased 34.8 pct.  Full Article

Mitsubishi Electric Corp to Supply Wuhan Center with High-speed Elevators - Asahi Shimbun
Tuesday, 5 Nov 2013 07:00pm EST 

Asahi Shimbun reported that Mitsubishi Electric Corp will provide 85 elevators and escalators to Wuhan Center, a high-rise commercial complex under construction in China.  Full Article

Mitsubishi Electric Corp Raises Full-year Consolidated Outlook for FY 2014
Thursday, 31 Oct 2013 12:15am EDT 

Mitsubishi Electric Corp announced that it has raised its full-year consolidated outlook for revenue from JPY 3,810,000 million to JPY 3,950,000 million, operating profit from JPY 205,000 million to JPY 220,000 million, ordinary profit from JPY 185,000 million to JPY 200,000 million, net profit from JPY 110,000 million to JPY 120,000 million, and earnings per share from JPY 51.24 to JPY 55.89, for the fiscal year ending March 31, 2014. The Company raised its full-year consolidated outlook mainly due to the increase in sales of heavy electrical system division and industrial mechanics division. According to I/B/E/S Estimates, analysts on average are expecting the Company to report its full-year consolidated outlook for revenue of JPY 3,815,560 million, operating profit of JPY 219,500 million and net profit of JPY 127,270 million, for the same fiscal year.  Full Article

Mitsubishi Electric Corp Expands Presence in China's Energy-System Market - Asahi Shimbun
Thursday, 17 Oct 2013 08:00pm EDT 

Asahi Shimbun reported that Mitsubishi Electric Corp has established Mitsubishi Electric Power & Electrical Infrastructure Systems (Beijing) Co. (MEPIC) in China's capital to provide energy-system sales, engineering and related services.  Full Article

Nikkei rebounds 1.2 pct from 6-wk low, helped by relative calm in Ukraine

* Nikkei tracks gains on Wall St on relief over Crimea vote, firm U.S. data * Short-covering main driver of Nikkei after record short-selling previous day * Concerns about impact of planned sales tax hike weigh on Japanese shares * Mitsubishi Elec gains on dividend increase By Hideyuki Sano TOKYO, March 18 - Japanese shares rebounded on Tuesday, taking heart from gains on Wall Street on the back of relief that Crimea's vote to join Russia passed without major viole

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