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Fukushima Sewing Company Receives Support from Mitsubishi Corporation Disaster Relief Foundation

Tokyo, Apr 11, 2014 - (JCN Newswire) - Canyon Works Ltd., a sewing company located in Iwaki City, Fukushima Prefecture in northeastern Japan, is the latest recipient of investment support from the Mitsubishi Corporation Disaster Relief Foundation (MCDRF). The contribution, 50 million yen in loan funds, complements loan support already being provided by Abukuma Shinkin Bank, a local credit union, and grants from the Fukushima prefectural government. This support has enabled the manufacturer to open a new sewing factory today and to resume full-scale operations in Fukushima.

Sewing plants run by Canyon Works in the town of Namie in the Futaba district of coastal Fukushima were forced to close following the Great East Japan Earthquake of 2011, operating since then from temporary facilities in neighboring Gunma prefecture. Companies from Namie that were displaced after the disaster have faced tremendous difficulties reestablishing themselves and, to date, only 30% have managed to restart their businesses. Notwithstanding the challenges, Canyon Works remained committed to reestablishing itself in Fukushima, and managed to secure a 10,000 square meter space at the Yoshima Industrial Park in Iwaki City to build a new factory. The new facility consists of two plants. The first will be dedicated to the production of diving suits and car seats, while the second will focus on the manufacture of outdoor gear. Canyon Works plans to increase sales to around 300 million yen, three times those of pre-disaster levels, in three years.

In addition, the company plans to rehire 16 employees from the old Namie plant and seven new staff, including three graduates from a local vocational college in Iwaki City, thereby making a contribution to the employment generation in the region.

MCDRF decided to support Canyon Works because of the contribution this project stands to make to the revitalization of industry and employment generation in Fukushima. MCDRF will continue collaborating with local financial institutions such as Abukuma Shinkin Bank to support efforts aimed at employment creation and economic recovery in areas affected by the disaster.

Reference Information

Canyon Works Ltd

1) Headquarters: 47, Oaza Kawazoe, Namie-machi, Futaba-gun, Fukushima, Japan

2) Date Established: May 1, 1984

3) Capital: 3 million yen

4) Business Activities: Manufacture and sale of outdoor gear and diving goods and other canvas-related products

5) Representative: Masahiko Hangai, Representative Director

Abukuma Shinkin Bank

1) Headquarters: 2-4 Haramachi-ku, Sakae-cho, Minamisoma, Fukushima, Japan

2) Date Established: September 1950

3) Capital: 10.7 billion yen

4) Business Activities: Savings, loans and other financial services

5) Representative: Tsuneo Hanzawa, President

Mitsubishi Corporation Disaster Relief Foundation

1) Headquarters: 2-3-1 Marunouchi, Chiyoda-ku, Tokyo

2) Date Founded: March 2012 (became a foundation in May 2012)

3) Endowment: 6 billion yen

4) Purpose: To contribute to the recovery of regions affected by the Great East Japan Earthquake through the provision of scholarships and grants for NPOs and social welfare corporations, as well as for recovery of industry and job creation.

5) Representatives:

- Chairman, Ken Kobayashi (President and CEO, Mitsubishi Corporation)

- Deputy Chairman, Hideyuki Nabeshima (Member of the Board, Mitsubishi Corporation)

- Executive Director, Yasuhito Hirota (Executive Vice President, Mitsubishi Corporation)

About Mitsubishi Corporation

Mitsubishi Corporation (MC; TSE: 8058) is a global integrated business enterprise that develops and operates businesses across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. MC's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods. With over 200 bases of operations in approximately 80 countries worldwide and a network of over 500 group companies, MC employs a multinational workforce of nearly 60,000 people. For more information, please visit www.mitsubishicorp.com.



Source: Mitsubishi Corporation

Contact:
Mitsubishi Corporation
Telephone:+81 3 3210 2171 
Facsimile:+81 3 5252 7705



Copyright 2014 JCN Newswire. All rights reserved. www.japancorp.net

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