SAABF SAAB AB (PK)

ERICSSON

Greek Authorities Summon Employees

Swedish telecommunications-equipment maker Ericsson AB said Sunday that seven of its current and former employees have been served with summons by Greek authorities over allegations of possible corruption.

The unnamed seven are involved in a probe into a defense deal that former subsidiary Ericsson Microwave Systems completed with Greece in 1999, which included the delivery of an airborne radar system, the company said. Ericsson, which disclosed the probe two years ago, said the current and former employees recently were served with summons in preliminary proceedings by a Greek prosecutor.It sold the subsidiary to Saab AB in 2006. Saab declined to comment Sunday.

Ericsson said it hasn't been contacted by authorities in the matter, and that the seven haven't been provided with the full relevant documentation from the probe or questioned by the prosecutor. Ericsson declined to provide more details on the matter but would cooperate with authorities.

--Matthias Verbergt

MITSUBISHI HEAVY

Company Plans to Boost Sales by 20%

Mitsubishi Heavy Industries Ltd. expects to increase its U.S. sales by 20% during the next two years on the strength of demand for the Japanese company's energy equipment and new regional commuter jet.

In the process, Chief Executive Shunichi Miyanaga told The Wall Street Journal in an interview, the conglomerate believes it will boost its U.S. workforce between 10% and 20%. The company employs about 7,300 workers throughout the U.S.

Mitsubishi Heavy, an industrial conglomerate that makes products including gas turbines and space rockets, had nearly $7.5 billion in sales in North America, out of annual global revenue of about $40 billion, making it the company's second-largest market after Japan.

--Ted Mann

(END) Dow Jones Newswires

June 20, 2016 02:48 ET (06:48 GMT)

SAAB AB (PK) (USOTC:SAABF)
Historical Stock Chart
From Nov 2024 to Dec 2024

SAAB AB (PK) (USOTC:SAABF)
Historical Stock Chart
From Dec 2023 to Dec 2024