I can't say this comes as a huge suprise to me, but I guess it sucks for Mitsubishi.

Of course the company has, oh, 200000 other divisions, so it's not as though they're going under or anything.

Mitsubishi Electric will withdraw from the production of TV and PC LCD panels, due to increased competition in the industry. They will instead specialize in small/medium panels for cellular phones and industrial machinery. The production of large panels for TVs has greatly increased in Japan and Korea, and with the establishment of o­ne new factory after another, prices continue to drop. Mitsubishi Electric will concentrate management resources o­n medium/small types, and will maintain their LCD operations by specializing in products with certain features.

Mitsubishi Electric expects sales of 38 billion yen for their LCD division this year. 15" class TV/PC monitor panels, which accounted for 65% last year, have fallen to 20% this year. They will cease production by FY2006. TV and PC screens are primarily being supplied to companies outside Mitsubishi.

Inspired by:
http://it.nikkei.co.jp/it/news/index.cfm?i=2004092006755j0