|By Business Wire||
|August 20, 2014 10:00 PM EDT||
Mitsubishi Electric Corporation (TOKYO: 6503) announced today that one of its elevator and escalator manufacturing companies in China, Mitsubishi Electric Shanghai Electric Elevator Co., Ltd. (MESE), has begun operating its third factory and will complete a fourth by July 2015, aiming to double annual capacity to 20,000 units.
The two additional factories will enable to MESE to respond to increasing demand for elevators and escalators in China by offering extra-competitive, high-speed products made locally. In addition to expanding capacity and introducing the latest manufacturing facilities, the company also is enhancing its facilities for development, engineering and testing.
The newest of the two factories, a one-story steel structure measuring about 6,300 square meters, entered operation last month. It was constructed at a cost of 40 million RMB, or approximately 6.5 million USD. It is being used to manufacture products including elevator equipment, especially hall equipment.
The second new factory, which will be completed in July 2015, will
comprise a one-story factory measuring about 25,500 square meters and a
separate three-story building for development and engineering, including
a testing tower for evaluating elevators. The total cost will come to 90
million RMB, or approximately 14.7 million USD.
MESE is improving its product-development speed to respond more quickly to ever-changing local needs. The company is committed to becoming China’s leader in overall ability to deliver safe, reliable, high-quality, comfortable elevators and escalators built with state-of-the-art technology.
China is the world’s largest market for elevators and escalators, with combined annual demand exceeding 500,000 units, which accounts for more than 60% of global demand. As urban development spreads from China’s coastal areas to inland regions, demand is expected to continue growing at a moderate pace.
MESE was established in 2002 as one of Mitsubishi Electric’s bases in China for developing and manufacturing elevators. The company, which supplies premium-specification “MAXIEZ” elevators to all parts of China, expects production to reach approximately 10,000 units this year. In 1987, Mitsubishi Electric set up a separate company, Shanghai Mitsubishi Elevator Co., Ltd. to produce elevators and escalators for upper-middle specifications.
About Mitsubishi Electric Shanghai Electric Elevator Co., Ltd.
|Location||1211 Zhongchun Road, Minhang, Shanghai 201108, China|
Mitsubishi Electric Corporation: 40%
Mitsubishi Electric Building Techno-Service Co., Ltd.: 20%
Shanghai Mitsubishi Elevator Co., Ltd.: 40%
|Capital||53 million USD|
|Established||August 19, 2002|
|Employees||Approximately 880 as of July,2014|
|Business||Elevator and escalator manufacturing, sales, installation and maintenance, and related R&D and engineering|
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 4,054.3
billion yen (US$ 39.3 billion*) in the fiscal year ended March 31, 2014.
For more information visit http://www.MitsubishiElectric.com
*At an exchange rate of 103 yen to the US dollar, the rate given by the Tokyo Foreign Exchange Market on March 31, 2014
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