Mitsubishi Materials Corp., one of dozens of Japanese companies that used Chinese forced laborers during World War II, has reached a settlement with Chinese victim groups that includes a company apology and compensation.

Mitsubishi Materials said Wednesday afternoon that the settlement, its first ever involving forced laborers, will be formally announced later in the day in Tokyo and Beijing, but did not give details.

Japan's Kyodo News agency said that under the agreement, the company will pay 100,000 yuan ($15,000) each to more than 3,000 Chinese victims and their families, and will also offer an apology.

The victims are among about 40,000 Chinese brought to Japan in the early 1940s as forced laborers to make up for a domestic labor shortage. Many died due to violence and malnutrition.