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| March 30, 2004 No.0987 | ||
| MHI to Establish Subsidiary in Mexico, To Pursue Orders for Plants and Large Machinery |
| Tokyo, March 30, 2004 - In late April, Mitsubishi Heavy Industries, Ltd. (MHI) will establish and commence operations at a new subsidiary in Mexico. Mitsubishi Heavy Industries de Mexico, S.A. de C.V., located in Mexico City, will be capitalized at approximately 94 million yen. In tandem with establishment of the new company, MHI's current Liaison Office in Mexico will be closed. Naoomi Nakamura, General Manager of that office, will become the subsidiary's President. MHI opted to create a locally incorporated company in Mexico to serve as a local marketing and service base with two main objectives in mind. First, MHI aims to respond resourcefully to anticipated expansion in Mexican demand for mass/medium-lot manufactured machinery. Second, it hopes to attract increased orders from the local market for large plants, a segment in which MHI already enjoys a solid record in Mexico. With the establishment of the new subsidiary, MHI will also actively explore business opportunities in Central America. The Mexican operation will initially have a staff of 10. MHI has previously delivered a variety of large plants to Mexico, including power plants to Comision Federal de Electricidad (CFE) and polyethylene plants. In particular, Mexico has become a focused overseas target for MHI in the area of power systems, as today roughly half of all electricity generated in Mexico is produced by equipment delivered by MHI, and demand continues to increase steadily. The new subsidiary will enable an even more robust response to orders of these kinds. Mexico is also expected to demonstrate increased demand in the coming years for medium-lot manufactured machinery, including injection molding machines, sheet-fed and web offset presses, machine tools and forklift trucks. To handle business negotiations relating to such orders - which differ from negotiations on plants and other made-to-order products - MHI had recognized the need for a local organization for some time. While responding to this new demand partly with exports from Japan, the new company will also support the activities for exporting medium-lot manufactured machinery to Mexico from MHI's U.S. subsidiaries, including industrial machinery from MIMM*, paper and printing machinery from MLP-A**, machine tools from MHIA-MTD*** and forklift trucks from MCFA****. The new company will engage mainly in business negotiations and local procurement activities, such as presentations of MHI products to local customers, research of the local market, negotiations of contracts with customers, and inquiries to and price negotiations with local suppliers. In addition, it will vigorously explore new business opportunities in the Central American markets. Outline of MHI's new company in Mexico |
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About Mitsubishi Heavy Industries Mitsubishi Heavy Industries, Ltd. (MHI), headquartered in Tokyo, Japan, is one of the world's leading global heavy machinery manufacturers, with consolidated sales of 2,593 billion yen (US$21.6 billion) in fiscal 2002 (year ended March 31, 2003). MHI's diverse lineup of products and services encompasses shipbuilding, steel structures, power plants, chemical plants, steel 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) |
