NEW YORK/TOKYO, May 22 (Reuters) Mitsubishi Electric Corp. said on Monday the U.S. Justice Department is looking into its dynamic random access memory (DRAM) business in the United States between 1998 and 2002 for possible antitrust violations.
Mitsubishi Electric, which withdrew from the DRAM business in March 2003, said details of the Justice Department's probe are not yet clear, and it has no intention at the moment of revising its earnings forecasts for the business year ending March 31, 2007.
''Our U.S. subsidiary received a letter from the Justice Department on May 4, asking them to hand over data on their past DRAM business,'' a Mitsubishi Electric spokesman in Tokyo said.
''The investigation has just started and we don't know any details.'' The company, Japan's fifth-largest electronics conglomerate, last month forecast a net profit of 105 billion yen ($936 million) for the current business year, up from 95.69 billion yen a year earlier.
Mitsubishi Electric also said Sun Microsystems Inc., Unisys Corp.
and Honeywell International Inc. earlier this year filed lawsuits against it and its overseas subsidiaries, alleging DRAM price fixing.
Prior to the announcement, shares in Mitsubishi Electric closed down 1 percent at 947 yen, in line with the Tokyo stock market's electrical machinery index.
($1=112.15 Yen) REUTERS CS PM1740
Mitsubishi Electric, which withdrew from the DRAM business in March 2003, said details of the Justice Department's probe are not yet clear, and it has no intention at the moment of revising its earnings forecasts for the business year ending March 31, 2007.
''Our U.S. subsidiary received a letter from the Justice Department on May 4, asking them to hand over data on their past DRAM business,'' a Mitsubishi Electric spokesman in Tokyo said.
''The investigation has just started and we don't know any details.'' The company, Japan's fifth-largest electronics conglomerate, last month forecast a net profit of 105 billion yen ($936 million) for the current business year, up from 95.69 billion yen a year earlier.
Mitsubishi Electric also said Sun Microsystems Inc., Unisys Corp.
and Honeywell International Inc. earlier this year filed lawsuits against it and its overseas subsidiaries, alleging DRAM price fixing.
Prior to the announcement, shares in Mitsubishi Electric closed down 1 percent at 947 yen, in line with the Tokyo stock market's electrical machinery index.
($1=112.15 Yen) REUTERS CS PM1740
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