Printer Friendly
The Free Library
22,741,889 articles and books

MHI to Establish Financial Subsidiary in US.



-- Aims to Create Global Financial Management System --

Tokyo, May 31, 2012 - (JCN JCN Japan Corporate News
JCN Journal of Cognitive Neuroscience
JCN Journal of Cardiovascular Nursing
JCN Journal of Christian Nursing
JCN Job Control Number
JCN Journal of Child Neurology
JCN joint communications network (US DoD) 
 Newswire) - This July Mitsubishi Heavy Industries, Ltd. (MHI MHI Manufactured Housing Institute
MHI Montreal Heart Institute (Montreal, Quebec, Canada)
MHI Median Household Income
MHI Main Hawaiian Islands
MHI Material Handling Institute
) will establish a wholly owned financial subsidiary in New York that will manage the finances of MHI group companies operating in the US. The new company will play a key role in pursuing the goal of enhancing capital efficiency that is spelled out in MHI's "2012 Medium-Term Business Plan." By setting up the new company, MHI aims to enhance the capital efficiency and risk management of its North American operations. MHI also intends to establish financial subsidiaries in Europe and Asia and create a global financial management system operating in major currencies.

The new company, MHI Capital America, Inc. (tentative name), will be capitalized at US$400 million and will carry out cash management and integrated financing for group companies, information gathering on financial market, and other finance-related activities that are currently being handled by Mitsubishi Heavy Industries America, Inc. (MHIA MHIA Material Handling Industry of America
MHIA Mitsubishi Heavy Industries America, Inc.
MHIA Manufactured Housing Industry of Arizona
).

Since last year MHI has been working on building up an integrated global financial management system in order to improve the financial standing of MHI group and efficiency of capital. As the first step, MHI started cash management in the US, China and Europe, as it does in Japan, with its regional headquarters, such as MHIA, acting as administrative agent. As a result, MHI has reduced interest-bearing debt in the US and has ensured smooth financing operations in China despite that country's current monetary tightening. However, in order to create a truly global financial management system, MHI has seen the need for a new company specializing in such finance operations instead of those regional headquarters.

Going forward, MHI will work to have these financial subsidiaries coordinate with each other and create system to provide the financial expertise and supports needed by the company's rapidly expanding global business operations.

About Mitsubishi Heavy Industries

Mitsubishi Heavy Industries, Ltd. (TSE See Tokyo Stock Exchange.

TSE

1. See Tokyo Stock Exchange (TSE).

2. See Toronto Stock Exchange (TSE).
: 7011, 'MHI'), headquartered in Tokyo, Japan, is one of the world's leading heavy machinery manufacturers, with consolidated sales of 2,903.7 billion yen in fiscal 2010, the year ended March 31, 2011. MHI's diverse lineup of products and services encompasses shipbuilding, power plants, chemical plants, environmental equipment, steel structures, industrial and general machinery, aircraft, space rocketry rock·et·ry  
n.
The science and technology of rocket design, construction, and flight.


rocketry
Noun

the science and technology of the design and operation of rockets

 and air-conditioning systems. For more information, please visit the MHI website at www.mhi.co.jp.

Source: Mitsubishi Heavy Industries

Contact:
Mitsubishi Heavy Industries
Hideo Ikuno
h.ikuno@daiya-pr.co.jp
+81-3-6716-5277


Copyright 2011 JCN Newswire. All rights reserved. www.japancorp.net
COPYRIGHT 2012 Japan Corporate News Network K.K.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2012 Gale, Cengage Learning. All rights reserved.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:JCN Newswires
Date:May 31, 2012
Words:417
Previous Article:Healthcare Recruitment Growth Slowing - Robert Walters.
Next Article:MHI to Launch New Company Dedicated to Car Air-Conditioner Business, Aiming to Further Accelerate Global Business Development.

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters