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Mitsubishi Electric Targets Developing Countries to Boost Sales

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Mitsubishi Electric Incoming President Masaki Sakuyama
Masaki Sakuyama, incoming president of Mitsubishi Electric Corp. Photographer: Junko Kimura-Matsumoto/Bloomberg

March 21 (Bloomberg) -- Mitsubishi Electric Corp., a Japanese electronics company, is targeting developing countries such as Turkey and Indonesia to help boost sales by 20 percent to 5 trillion yen ($49 billion).

The company is aiming to increase overseas revenues to as much as 2.4 trillion yen, from about 1.6 trillion yen currently, Masaki Sakuyama, who will become president on April 1, told reporters in Tokyo yesterday. He declined to say when he aims to meet the target.

Mitsubishi Electric, based in Tokyo, will also consider mergers and acquisitions to help improve its overseas businesses and do research and development locally, Sakuyama said. The company, which makes televisions, air conditioners and elevators, is also focusing on selling products for smart cities, he said.

“Instead of just selling single products, we want to add value and sell a solution,” Sakuyama said. “We can offer elevators, security services, air conditioners, lighting and information technology systems to building projects.” The company will make an announcement on its goals in May, he said.

Mitsubishi Electric fell 1.8 percent to close at 1,115 yen in Tokyo yesterday.

To contact the reporter on this story: Chris Cooper in Tokyo at ccooper1@bloomberg.net

To contact the editors responsible for this story: Anand Krishnamoorthy at anandk@bloomberg.net; Michael Tighe at mtighe4@bloomberg.net Pavel Alpeyev, Madelene Pearson

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