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Press Release
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April 14, 2004
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To Whom It May Concern:
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Funai Electric Co., Ltd.
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Representative: Tetsuro Funai, President and CEO
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(Code No. : 6839 1st section of TSE/OSE)
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Inquires: Mutsuo Takei, General Manager
Investor/Public Relations Department
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(Tel: 81-72-870-4395)
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FUNAI ELECTRIC CO., LTD
VINDICATED BY COMMERCE DEPARTMENT
FINAL ANTIDUMPING DETERMINATION
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Funai Electric Co., Ltd. celebrated today's announcement by the U.S. Department of Commerce that large screen color televisions (screen sizes 21 inches and greater) produced in Malaysia are traded fairly. The Department of Commerce sustained its preliminary ruling, issued last November, that Funai Electric (Malaysia) Sdn. Bhd., a subsidiary of Funai Electric Co., Ltd., has sold its color televisions in the U.S. at fair prices and should not be subject to antidumping duties. This decision ends the U.S. antidumping investigation of Funai, which began last May.
"We are extremely pleased and grateful," said Tetsuro Funai, President and CEO of Funai Electric. "These results vindicate Funai. The decision confirms our longstanding position as a highly efficient producer of quality televisions that competes fairly in the United States and abides by its international obligations," he said. "We applaud the fair administration of U.S. trade remedy laws in this investigation," said Mr. Funai.
Five Rivers Electronic Innovations, LLC, along with two U.S. labor unions, the IBEW and IUE-CWA, had filed the antidumping petition on May 2, 2003, alleging that large screen color televisions imported from Malaysia and China injured U.S. television manufacturers due to unfair pricing. For your information, Funai Electric is not manufacturing large screen color televisions in China.
Funai Electric Co., Ltd., headquartered in Osaka, Japan, is one of the top manufacturers of consumer electronic products in Japan. Its Malaysian subsidiary, Funai Electric (Malaysia) Sdn. Bhd., produces consumer electronics, including televisions, VCRs and DVDs, for the U.S. and other markets. Funai Corporation, Inc., the U.S. sales subsidiary of Funai Electric with offices in Teterboro, New Jersey and Torrance, California, markets Funai Electric's consumer electronic brands, including Sylvania, Symphonic, Funai, and Emerson, to North America. Funai Electric is listed on the Tokyo Stock Exchange and Osaka Securities Exchange.
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