Mitsubishi Electric Joint Venture to Develop Upscale Refrigerators in China

  Mitsubishi Electric Joint Venture to Develop Upscale Refrigerators in China

         Will Focus on Growing Demand for Large Models Used in Homes

Business Wire

TOKYO -- July 22, 2013

Mitsubishi Electric Corporation (TOKYO: 6503) announced today the
establishment of a joint venture with Hefei Kinghome Electrical Co., Ltd. to
research, develop and design large, advanced refrigerators for increasingly
affluent consumers. The new joint venture, Hefei Kinghome Mitsubishi Electric
Home Appliances Technology Development Co., Ltd., will start operating in
August.

Mitsubishi Electric aims to expand its refrigerator business in China by
leveraging its proprietary technologies for energy-saving, high-capacity
refrigerators. The joint venture will be positioned as a research and
development center to accelerate the development of value-added products
meeting specific demands in the Chinese market. The Chinese parent, Hefei
Kinghome Electrical, will produce and sell the refrigerators.

Chinese consumers’ growing affluence and various support programs offered by
the government are stimulating the demand for higher-capacity and
higher-performance refrigerators, including multi-door models, which are
expected to start selling briskly in the foreseeable future.

Overview of joint venture
Name               Hefei Kinghome Mitsubishi Electric Home Appliances
                     Technology Development Co., Ltd.
General Manager    Junichi Yokoyama
Capital            6.3 million USD
Location           Economic & Technology Zone, Hefei, Anhui, China
                     Mitsubishi Electric Corporation              50 percent

Ownership                                                      

                     Hefei Kinghome Electrical Co., Ltd.          50 percent
Establishment      June 20, 2013
Business startup   August 9, 2013
Employees          24
                  

About Hefei Kinghome Electrical Co., Ltd

Hefei Kinghome Electrical has been developing, producing and selling
refrigerators in China since 2006. Capitalized at 200 million RMB, the company
employs about 2,200 people under the direction of General Manager Xuebin He.

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

Contact:

Mitsubishi Electric Corporation
Customer Inquiries
Living Environment & Digital Media Equipment Group
https://www.MitsubishiElectric.com/ssl/contact/company/form.html
or
Media Inquiries
Katsunobu Muroi, +81-3-3218-2346
Public Relations Division
Mitsubishi Electric Corporation
prd.gnews@nk.MitsubishiElectric.co.jp
http://www.MitsubishiElectric.com/news/
 
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