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Nokia battery case to cost Matsushita up to $172 mln
TOKYO - Matsushita Electric Industrial Co said on Friday that Nokia’s replacement of mobile phone batteries made by the Japanese electronics maker is likely to cost it 10-20 billion yen ($86-$172 million).
Nokia, the world’s largest mobile phone maker, earlier this month warned consumers that 46 million batteries made by Panasonic-brand maker Matsushita and used in its cellphones could overheat, and offered to replace them for free.
Matsushita said it had no plan to revise its earnings outlook.
The world’s largest consumer electronics maker expects its group operating profit to grow 3.8 percent from a year earlier to 477 billion yen for the year to March 2008.
Finland’s Nokia said earlier in the day Matsushita Battery Industrial Co, Matsushita’s wholly owned battery subsidiary, will cover the direct costs related to the replacement.
Most Japan-based analysts had expected replacement costs to total somewhere between 10 billion yen and 50 billion yen, but some have suggested they could reach as high as 138 billion yen, weighing on Matsushita shares.
Nokia’s Japan unit plans to hold a news conference at 7:30 p.m. (1030 GMT) on the batteries in question. Nokia Japan President Tyler McGee will attend the Tokyo briefing.
The Japanese unit has said about 160,000 battery packs will be targeted by the replacement programme in Japan.
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