FOR IMMEDIATE RELEASE No. 3360

TOKYO, June 15, 2020 - Mitsubishi Electric Corporation (TOKYO: 6503) announced today that it will end the production of TFT-LCD modules manufactured by its wholly owned subsidiary Melco Display Technology Inc. (MDTI), aiming at June, 2022. The production termination is due to the changes of business environment. The company will shift its and MDTI's operating resources from LCD business to its business growth drivers such as power devices, and will aim further growth and development.

Background

The company's LCD business, currently focusing on small and medium-sized TFT-LCD modules for industrial and automotive use, has been expanding its business by developing and launching high value products with advanced technologies in the specific market segments based on the market needs. However, the company has decided to end the TFT-LCD modules production and terminate the business based on the consideration that the company is no longer able to maintain the products' competitiveness under the situation that the global competition involving the company's focusing segment of high display performance and high reliability expands and intensifies with significant falling in price.

Overview of MDTI

There is no significant impact on the company's consolidated business performance. The consolidated business forecast for the current fiscal year (ending March 31, 2021) announced on May 11, 2020 reflects the influence of the TFT-LCD modules' manufacturing termination.

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• Public Relations Division Mitsubishi Electric Corporation

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• LCD Marketing Dept. Mitsubishi Electric Corporation