— Mitsubishi Motors Corporation (MMC) and DaimlerChrysler AG (DC) concluded a final agreement regarding compensation for quality issues and recalls related to Mitsubishi Fuso Truck and Bus Corporation (MFTBC) on March 10, 2005 and officially announced this on the same day.
Today, MMC concluded agreements with the remaining companies that also bought MFTBC stock from the Company.
- 1. Relevant companies:
- DaimlerChrysler AG (previously announced on March 10, 2005)
Mitsubishi Heavy Industries, Ltd.
Mitsubishi Corporation
The Bank of Tokyo-Mitsubishi, Ltd.
Seven additional companies
- 2. Main details of the agreement with DaimlerChrysler AG (announced March 10, 2005):
- Compensation payment from MMC.
- The transfer of MMC's 20% stake in MFTBC to DC.
- The agreement that MMC will continue to maintain 100% ownership of NedCar.
- Additional operative cooperation between MMC and MFTBC in various other areas.
3. Main details of the agreement with the remaining companies:
- Compensation payment from MMC.
- 4. Effect on MMC's consolidated and non-consolidated profit loss for fiscal year 2004.
-
| Forecasted loss: |
Non-consolidated: |
approx. 85 billion yen |
| |
Consolidated: |
approx. 70 billion yen |
This will be appropriated as an extraordinary loss (non-consolidated and consolidated) for the accounting period ending March 31, 2005. Furthermore, the abovementioned loss has already been incorporated into both the Company's consolidated and non-consolidated earnings outlook.
