Mitsubishi Electric's Elevator and Escalator Business in Vietnam Becomes Subsidiary

  Mitsubishi Electric's Elevator and Escalator Business in Vietnam Becomes
  Subsidiary

       Reinforcing business and enhancing sales to meet growing demand

Business Wire

TOKYO -- September 4, 2013

Mitsubishi Electric Corporation (TOKYO:6503) announced today it has acquired
additional shares of Melco Elevator Vietnam Co., Ltd., its elevator and
escalator joint venture, in order to convert it to a subsidiary company.
Subsequently, the company was renamed Mitsubishi Elevator Vietnam Co., Ltd.
This change will enable Mitsubishi Electric to further expand its operations
in the growing market of Vietnam and to centralize control over product safety
and quality.

Mitsubishi Electric has been conducting business in Vietnam since 1973. In
2008, the company established Melco Elevator Vietnam Co., Ltd., a joint
venture engaged in elevator and escalator sales, installation and maintenance,
with Toan Tam Engineering Co., Ltd. (TTE). Mitsubishi Electric also concluded
a distributorship agreement with Thang Long TLE Group (TLE). With these two
sales channels, the company has provided elevators and escalators for
high-profile facilities like the Sheraton Saigon Hotel & Towers and Tan Son
Nhat International Airport in Ho Chi Minh City, garnering over 20% of the
Vietnamese market.

In recent years, demand for elevators and escalators in Vietnam has exceeded
4,000 units annually and is expected to continue rising. By acquiring TTE's
shares and transferring TLE's maintenance business to the new subsidiary,
Mitsubishi Electric will enhance the scale and profit-generating capacity of
its business to meet this demand while better ensuring the safety and
reliability of its products and services.


Overview of Mitsubishi Elevator Vietnam Co., Ltd.
General Director  Junichiro Yoshioka
Location           60 Truong Son Street, Ward 2, Tan Binh District, Ho Chi
                   Minh City, Vietnam
                   Mitsubishi Electric Corporation: 45%
Ownership          Mitsubishi Electric Building Techno-Service Co. Ltd.: 25%
                   Mitsubishi Corporation: 25%
                   Mitsubishi Electric Asia Pte. Ltd.: 5%
Capital            16.5 billion VND (approximately 66 million yen)
Foundation         March 2008
Employees          Approximately 600
Business          Elevator and escalator sales, installation and maintenance
                   

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
Overseas Marketing Division, Building Systems Group
Tel: +81-3-3218-3583
bod.inquiry@rk.MitsubishiElectric.co.jp
http://www.MitsubishiElectric.com/elevator/
or
Media Inquiries
Katsunobu Muroi, +81-3-3218-2346
Public Relations Division
prd.gnews@nk.MitsubishiElectric.co.jp
http://www.MitsubishiElectric.com/news/
 
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