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| June 19, 2006 No.1118 | ||
| MHI to Establish First Southeast Asian Power Systems Subsidiary -- Singapore Base to Serve for Marketing and Information Gathering -- |
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| Tokyo, June 19, 2006 - Mitsubishi Heavy Industries, Ltd. (MHI) will establish a marketing and information gathering base in Singapore on July 1 in a quest to attract expanded orders overseas for its gas-turbine combined-cycle (GTCC) plants and other power generation equipment. Through the new base, MHI aims to further enhance its customer-tailored marketing activities in the Southeast Asian region, where large increases in power demand are expected. The new company will be MHI's first subsidiary in Southeast Asia dedicated exclusively to power systems operations. | ||||||||||||||||||
Mitsubishi Power Systems (Asia Pacific) Pte. Ltd. (MPS-AP) will function as a head office overseeing MHI's power systems business throughout the region. In the future, MHI will mull establishment of additional local subsidiaries under MPS-AP. Many Southeast Asian countries are enjoying firm economic growth since their emergence from the currency crises of 1997. On the back of increasing electricity demand accompanying that growth, not only are existing power providers seeing increasing demand, many independent power producers (IPP) are also expected to enter the expanding power generation market. MHI opted to establish a regional base for marketing and information gathering dedicated to power systems business in recognition of the need to strengthen its capability to respond quickly and effectively to the needs of the region's diversifying customers. MPS-AP will explore the needs of the expanding power generation market by aggressively conducting proposal-oriented marketing activities. It will also widely cultivate the local markets' trust in MHI by precisely responding to customer needs through involvement in various projects from their initial stage. At the outset the company will engage mainly in marketing and information gathering, but in the future MHI aims for MPS-AP to become a window for EPC (engineering, procurement and construction) contracts as may be needed. Power systems business is one of MHI's core pillars for generating profits in its 2006 medium-term business plan, and increasing the company's share in the international markets is highly important. Following the establishment of the new Southeast Asian base, MHI intends to probe establishing other overseas bases for its power systems operations. Outline of Mitsubishi Power Systems (Asia Pacific) Pte. Ltd. (MPS-AP)
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About Mitsubishi Heavy Industries Mitsubishi Heavy Industries, Ltd. (MHI), headquartered in Tokyo, Japan, is one of the world's leading heavy machinery manufacturers, with consolidated sales of 2,792 billion yen in fiscal 2005 (year ended March 31, 2006). MHI's diverse lineup of products and services encompasses shipbuilding, steel structures, power plants, chemical plants, environmental equipment, industrial and general machinery, aircraft, space rocketry and air-conditioning systems. For more information, please visit the MHI website (http://www.mhi.co.jp). PRESS CONTACT: Hideo Ikuno: h.ikuno@daiya-pr.co.jp Tel: +813-6716-5277, Fax: +813-6716-5929 Daiya PR (in charge of public relations for Mitsubishi Heavy Industries, Ltd.) |
