Mitsubishi Materials’ shares plunge 8% after product data scandal
Tokyo — Shares in Mitsubishi Materials plunged more than 8% on Friday after it admitted to falsifying product data, the latest major Japanese firm to acknowledge problems with quality control. Stock in the Nikkei-225-listed firm was down ¥330 (8.06%) as the market neared the close on Friday, with the wider market fractionally in the green. Company boss Akira Takeuchi was due to brief reporters on the scandal after the market close. The firm said in a statement on Thursday that the affected products included rubber sealing materials used for packing and gaskets, often used to prevent leaks of liquid or gas from pipes in a wide variety of industries, including aerospace and automotive. The scandal also affected brass strip products for cars and other products, it said. Mitsubishi Materials said its subsidiaries falsified specification data before shipping some of its products to clients, adding that the company is working with affected clients to ensure the safety of their products.
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