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/
Mitsubishi Electric Joint Venture to Develop Upscale Refrigerators in China
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