Information contained in this news release is current as of the date of the press announcement, but may be subject to change without prior notice.
July 12, 2011
Tokyo, July 12, 2011 --- Hitachi, Ltd. (NYSE: HIT / TSE: 6501) today announced that it has received the judgment of the General Court of the European Union, rejecting the appeal which Hitachi lodged with the court in April 2007. The appeal was lodged in response to the decision rendered by the European Commission, finding an infringement of antitrust laws regarding the Gas Insulated Switchgear (GIS) business.
The European Commission found in its decision of January 2007 that Hitachi infringed European antitrust laws from 1988 through 2004, and the Commission imposed a fine of 50.4 million euro (approx. 5.7 billion yen*) on Hitachi and one of its subsidiaries, on a joint and several basis.
Hitachi regrets that the General Court has rejected its appeal, and will decide how to proceed after carefully reviewing the judgment.
Hitachi has accrued a reasonably estimated amount for the fine, and this judgment will have minimal impact on the company’s operating results.
Hitachi, Ltd., (NYSE: HIT / TSE: 6501), headquartered in Tokyo, Japan, is a leading global electronics company with approximately 360,000 employees worldwide. Fiscal 2010 (ended March 31, 2011) consolidated revenues totaled 9,315 billion yen ($112.2 billion). Hitachi will focus more than ever on the Social Innovation Business, which includes information and telecommunication systems, power systems, environmental, industrial and transportation systems, and social and urban systems, as well as the sophisticated materials and key devices that support them. For more information on Hitachi, please visit the company's website at http://www.hitachi.com.
