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Mitsubishi Electric Joint Venture to Develop Upscale Refrigerators in China

Will Focus on Growing Demand for Large Models Used in Homes

TOKYO, July 23, 2013 - Mitsubishi Electric Corporation (TOKYO: 6503) announced today the establishment of a joint venture with Hefei Kinghome Electrical Co., Ltd. to research, develop and design large, advanced refrigerators for increasingly affluent consumers. The new joint venture, Hefei Kinghome Mitsubishi Electric Home Appliances Technology Development Co., Ltd., will start operating in August.

Mitsubishi Electric aims to expand its refrigerator business in China by leveraging its proprietary technologies for energy-saving, high-capacity refrigerators. The joint venture will be positioned as a research and development center to accelerate the development of value-added products meeting specific demands in the Chinese market. The Chinese parent, Hefei Kinghome Electrical, will produce and sell the refrigerators.

Chinese consumers' growing affluence and various support programs offered by the government are stimulating the demand for higher-capacity and higher-performance refrigerators, including multi-door models, which are expected to start selling briskly in the foreseeable future.
Overview of joint venture
Name Hefei Kinghome Mitsubishi Electric Home Appliances Technology Development Co., Ltd.
General Manager Junichi Yokoyama
Capital 6.3 million USD
Location Economic & Technology Zone, Hefei, Anhui, China
Ownership Mitsubishi Electric Corporation 50 percent
Hefei Kinghome Electrical Co., Ltd. 50 percent
Establishment June 20, 2013
Business startup August 9, 2013
Employees 24