|By Business Wire||
|September 4, 2013 10:00 PM EDT||
Mitsubishi Electric Corporation (TOKYO:6503) announced today it has acquired additional shares of Melco Elevator Vietnam Co., Ltd., its elevator and escalator joint venture, in order to convert it to a subsidiary company. Subsequently, the company was renamed Mitsubishi Elevator Vietnam Co., Ltd. This change will enable Mitsubishi Electric to further expand its operations in the growing market of Vietnam and to centralize control over product safety and quality.
Mitsubishi Electric has been conducting business in Vietnam since 1973. In 2008, the company established Melco Elevator Vietnam Co., Ltd., a joint venture engaged in elevator and escalator sales, installation and maintenance, with Toan Tam Engineering Co., Ltd. (TTE). Mitsubishi Electric also concluded a distributorship agreement with Thang Long TLE Group (TLE). With these two sales channels, the company has provided elevators and escalators for high-profile facilities like the Sheraton Saigon Hotel & Towers and Tan Son Nhat International Airport in Ho Chi Minh City, garnering over 20% of the Vietnamese market.
In recent years, demand for elevators and escalators in Vietnam has exceeded 4,000 units annually and is expected to continue rising. By acquiring TTE's shares and transferring TLE's maintenance business to the new subsidiary, Mitsubishi Electric will enhance the scale and profit-generating capacity of its business to meet this demand while better ensuring the safety and reliability of its products and services.
Overview of Mitsubishi Elevator Vietnam Co., Ltd.
|General Director||Junichiro Yoshioka|
|Location||60 Truong Son Street, Ward 2, Tan Binh District, Ho Chi Minh City, Vietnam|
Mitsubishi Electric Corporation: 45%
Mitsubishi Electric Building Techno-Service Co. Ltd.: 25%
Mitsubishi Corporation: 25%
Mitsubishi Electric Asia Pte. Ltd.: 5%
|Capital||16.5 billion VND (approximately 66 million yen)|
|Business||Elevator and escalator sales, installation and maintenance|
About Mitsubishi Electric Corporation
With over 90 years of experience in providing reliable, high-quality
products, Mitsubishi Electric Corporation (TOKYO: 6503) is a recognized
world leader in the manufacture, marketing and sales of electrical and
electronic equipment used in information processing and communications,
space development and satellite communications, consumer electronics,
industrial technology, energy, transportation and building equipment.
Embracing the spirit of its corporate statement, Changes for the Better,
and its environmental statement, Eco Changes, Mitsubishi Electric
endeavors to be a global, leading green company, enriching society with
technology. The company recorded consolidated group sales of 3,567.1
billion yen (US$ 37.9 billion*) in the fiscal year ended March 31, 2013.
For more information visit http://www.MitsubishiElectric.com
*At an exchange rate of 94 yen to the US dollar, the rate given by the Tokyo Foreign Exchange Market on March 31, 2013