Mitsubishi Electric Establishes New Elevator R&D and Manufacturing Base in China; Move further strengthens worldwide elevator development organization.Business Editors TOKYO--(BUSINESS WIRE)--Dec. 12, 2001 Mitsubishi Electric Mitsubishi Electric Corporation (三菱電機株式会社 Corporation announced today it will establish a new company, Shanghai Shanghai (shăng`hī`, shäng`hī`), city (1994 est. pop. 12,980,000), in, but independent of, Jiangsu prov., E China, on the Huangpu (Whangpoo) River where it flows into the Chang (Yangtze) estuary. Mitsubishi Mitsubishi: see zaibatsu. Elevator elevator, in machinery elevator, in machinery, device for transporting people or goods from one level to another. The term is applied to the enclosed structures as well as the open platforms used to provide vertical transportation in buildings, large ships, Engineering & Technology Co., Ltd. (tentative tentative, adj not final or definite, such as an experimental or clinical finding that has not been validated. name), in February February: see month. 2002 together with Mitsubishi Electric Building Techno-Service Co., Ltd. and the Shanghai Electric (Group) Company. The new company will act as a research and development center for elevators, a manufacturing facility for leading-edge components, and conduct engineering activities.
Objectives of the New Company
1. Strengthened and quicker developmental capabilities, division
of development
A. Mitsubishi Electric will promote its new company in China
as a research and development center to develop products
that comply with overseas specifications and regulations.
Inazawa Works (located in Inazawa City, Aichi Prefecture,
Japan) will then concentrate on the development and
planning of new products and leading-edge technologies.
B. Based on this new development organization, Inazawa Works
personnel will be able to further shift their technical
development capabilities toward leading-edge technologies
and new products. This will enable Mitsubishi Electric to
introduce state-of-the-art products into the market ahead
its of competitors.
2. Supply cost competitive, leading-edge components to China and
global market
A. Mitsubishi Electric's new company in Shanghai will manufacture
leading-edge components for shipment to Chinese and overseas
markets. By strengthening its worldwide elevator organization,
the company's goal is to be a strong No. 1 in China and among
the top elevator producers worldwide.
Business Activities
1. Research and development
The new company will begin by concentrating on application development
to improve the speed and expand the capacity of current models and
develop new models that comply with local requirements. With the
cooperation of local universities, the new company will develop
fundamental engineering skills (including software development) over
time.
2. Manufacture of leading-edge components
Initially the new company will concentrate on the production of flat
traction machines for shipment to Chinese and overseas markets. 3.
Engineering The new company will receive elevator/escalator orders
from local customers in China (including those for export) and design
accordingly for local requirements.
Background Even in the midst Adv. 1. in the midst - the middle or central part or point; "in the midst of the forest"; "could he walk out in the midst of his piece?" midmost of depressed demand and lower prices worldwide, the elevator industry has undergone a remarkable technology revolution in the last few years. In the current market environment, it has become necessary to invest a large amount of managerial resources into all areas ranging from development to manufacturing. To develop leading-edge technologies and new application products, highly skilled human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. and efficient development systems are urgently required and it is imperative to reinforce the cost competitiveness of basic components that use the latest technologies. Although an increase in worldwide demand for elevators is not forecast, Mitsubishi Electric estimates the China market will see the greatest future growth. Current demand is at approximately 30,000 installations and expected to increase to 50,000 by 2006 owing to owing to prep. Because of; on account of: I couldn't attend, owing to illness. owing to prep → debido a, por causa de strong demand for public infrastructure and housing projects as well as special demand stemming from the Beijing Olympics Olympics Sports medicine An international competition among (traditionally) nonprofessional athletes trained in a particular summer or winter sport, which is held every 4 yrs in a selected city. See Paralympics, Special Olympics, World Medical Games. .
Profile
Company name: Shanghai Mitsubishi Elevator Engineering &
Technology Co., Ltd.
(Tentative name)
President: To be assigned from Mitsubishi Electric Corporation
Establishment: February 2002 (plan)
Capital: US$5M (Mitsubishi Electric: US$2M)
Shareholders: Mitsubishi Electric (40%), Mitsubishi Electric
Building Techno-Service Co., Ltd. (20%),
Shanghai Electric (Group) Company (40%)
Location: Inside the Shanghai Minhang Economic & Technological
Development Zone
Sales: Approx. 2.5 billion yen in 2006
Employees: 170 by 2006 (50 at establishment)
About Mitsubishi Electric Corporation With 80 years of experience in providing reliable, high-quality products to both corporate clients and general consumers all over the world, Mitsubishi Electric Corporation (FTSE FTSE A company that specializes in index calculation. Although not part of a stock exchange, co-owners include the London Stock Exchange and the Financial Times. Notes: The FTSE is similar to Standard & Poor's in the United States. : 6503q.l) is a recognized world leader in the manufacture, marketing and sales of electrical and electronic equipment used in information processing information processing: see data processing. information processing Acquisition, recording, organization, retrieval, display, and dissemination of information. Today the term usually refers to computer-based operations. and communications, space development and satellite communications, consumer electronics, industrial technology, energy, transportation and construction. The company has operations in 34 countries and recorded consolidated group sales Group sales Block sale (of large amounts) of securities to institutional investors. group sales The distribution of a new security issue to institutional clients. of over US$33BN in the year ended March 31, 2001. Additional information on Mitsubishi Electric is available at www.mitsubishielectric.com. |
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