IRVINE, Calif., December 14, 1998 - Mitsubishi Consumer Electronics America, Inc. (MCEA) today announced the name of the new corporation that will acquire the assets and assume the liabilities of the corporation effective Jan. 1, 1999. MCEA selected Mitsubishi Digital Electronics America, Inc. (MDEA) as the new corporationâs name to more accurately describe the companyâs focus on digital consumer electronics.
Mitsubishi Electric America Inc. (MEA), MCEA's parent company in the U.S., had previously announced a U.S. restructuring on Oct. 29, 1998. This restructuring included the creation of a new corporation to acquire the assets and assume the liabilities of MCEA, as well as the elimination of MEA as the parent company. The newly formed MDEA is a direct wholly owned subsidiary of Mitsubishi Electric headquartered in Tokyo.
"This creation of MDEA as our corporate identity is critical in focusing our efforts on the total transformation of consumer electronics to the digital realm," said Yoji Otani, Mitsubishi Digital Electronics Americaâs new president and chief executive officer. ãOur customers, consumers, partners and team members should have total faith in our commitment and driving passion to continue to lead the industry with quality, innovation and integrity.
MCEA further announced that there are no planned changes to the management team of MDEA, with Yoji Otani as president and chief executive officer.
Additionally, the company noted that there are no planned reductions in personnel or other organizational changes associated with this shift to the new corporate entity.
Mitsubishi Digital Electronics America, Inc. (MDEA) manufactures and markets a comprehensive line of premium quality, NTSC and HDTV upgradeable projection televisions, VCRs and audio products for complete home theater systems. Recognized as the world leader and innovator of big screen and digital television receiver technology, MDEA develops audio and video products that lead the industry in performance, ease-of-use and system integration. For additional information about MDEA, visit www.mitsubishi-tv.com.
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