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To: DavidG who wrote (40445)	10/29/1998 7:22:00 AM
From: yousef hashmi	Respond to of 53903

M'bishi Elec to dissolve US holding firm,chip unit TOKYO, Oct 29 (Reuters) - Mitsubishi Electric Corp said on Thursday it would dissolve its holding company and chip unit in the United States. Mitsubishi Electric said it had posted an extraordinary loss of 18 billion yen for the six months to September in preparation for the planned dissolution of the U.S. holding company and chip unit and the closure of production lines at other U.S. units. The restructuring of its U.S. operation would result in total extraordinary losses for the company of 80 billion yen in 1998/99, a Mitsubishi Electric spokeswoman said. Mitsubishi Electric said it would close California-based holding company Mitsubishi Electric America Inc by the end of December and would start the process of dissolving the company in January, the spokeswoman said. U.S. sales subsidiary Mitsubishi Electronics America Inc would become Mitsubishi's representative company in the United States, Mitsubishi said in a statement. Mitsubishi Semiconductor America Inc, based in Durham, North Carolina, would be closed by the end of December, but Mitsubishi had no plans to dismiss workers, the spokeswoman said. Mitsubishi currently has 131 workers at the U.S. holding company and about 200 at the chip unit. Mitsubishi Electric said the design division of Mitsubishi Semiconductor America would move to the semiconductor marketing division of Mitsubishi Electronics America. Mitsubishi Consumer Electronics America, based in Norcross, Georgia, would close its cellular telephone production line before December and would instead sell telephones made by Solectron Corp (NYSE:SLR - news) cellular telephones under the Mitsubishi brand name. Mitsubishi Electric said it would would also dissolve wholly owned unit Astronet Corp, based in Duluth, Georgia. The unit handled the engineering, sale and installation of antenna stations for automobile mobile telephones.