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Mitsubishi Electric Establishes Automotive Equipment Manufacturing and Sales Company in Mexico

Aims to expand automotive equipment business in the Americas

TOKYO, March 19, 2013 - Mitsubishi Electric Corporation (TOKYO: 6503) announced today that on March 6 it established a new Mexican subsidiary, Mitsubishi Electric Automotive de Mexico, S.A. de C.V., to manufacture and sell automotive equipment including alternators and starter motors beginning in October 2014. The new base will better position Mitsubishi Electric to expand its automotive equipment business in the Americas, with the new company aiming annual sales of 30 billion yen in 2017.
Automobile production has been expanding in Mexico due to recovering automobile sales in the U.S. and increasing sales in Latin America. The new manufacturing and sales company in Mexico will enable Mitsubishi Electric to establish a local supply system for automotive equipment, strengthen price competitiveness and realize an efficient business structure for the expansion of business throughout the Americas.

Mitsubishi Electric Automotive de Mexico will strengthen business coordination and production in conjunction with Mitsubishi Electric's existing U.S. manufacturing base, Mitsubishi Electric Automotive America, Inc. In addition, the new company will supply products for other markets around the globe by taking advantage of preferential tariff treatment under Mexico's trade agreements.

Outline of Mitsubishi Electric Automotive de Mexico, S.A. de C.V.
Location State of Queretaro, Mexico
Site Approx.150,000 ㎡
Building One wing with a total floor space of approx. 22,000 ㎡
Paid-in capital Mex$500 million (JPY 3 billion)
Ownership Mitsubishi Electric Corporation: 95%
Mitsubishi Electric Automotive America, Inc.: 5%
Registration March 6, 2013
Operations launch October 2014
Business Manufacture and sales of automotive equipment including alternators and starter motors
Workforce Approx. 600 employees by fiscal year ending March 2017