Sumitomo Electric Industries, Ltd. (hereafter “Sumitomo Electric”) confirms that it and its subsidiary, Sumitomo Electric Wiring Systems (Europe) Limited (hereafter “SEWS-E”), received today notification from the European Commission (hereafter the “Commission”) of its decision finding infringements of EU competition law in connection with the supply of automotive wiring harnesses and related products. The Commission granted immunity from fines to Sumitomo Electric and SEWS-E as a result of the companies’ cooperation in the investigation.
Sumitomo Electric is committed to compliance with all applicable competition laws around the world. We have instituted a set of rules to ensure compliance with competition laws as we announced on 18 June 2010, and also have mobilized specialized internal organizations to build a solid competition compliance system. These measures reflect group-wide efforts to ensure compliance with competition laws, which will remain the highest priority item for our business. Based on this philosophy, we will strive to engage in business activities in a fair manner.
At this time, Sumitomo Electric does not plan to revise its consolidated performance forecast for the fiscal year 2013 due to this matter.
For your information, with respect to the business of automotive wiring harnesses and related products, Sumitomo Electric was fined by the Japan Fair Trade Commission on January 19, 2012, and furthermore it has been cooperating with authorities conducting investigations in the United States, Canada and Australia. Sumitomo Electric does not expect to be criminally or administratively fined or otherwise sanctioned by these authorities.
