Nokia's recent battery replacement program (read "not a recall") could cost the battery maker, Matsushita Electric, some $1.2 billion if all of the 46 million batteries are returned for replacement, according to Nikko Citigroup analyst Kota Ezawa. Each battery unit costs about $26. The $1.2 billion figure is also equivalent to about 28 percent of Matsushita's 2008 operating profit forecast and nearly five times the annual revenue of its entire battery business. While the negative publicity probably hit Nokia the hardest, it looks like it could hit Matsushita's wallet much harder.

For more on the battery replacement saga:
- read this article from Forbes