08 January 2013

Mitsubishi Electric Establishes New Company in Turkey

- First direct presence in Turkey
- To expand & support business in Turkey and surrounding regions 

Tokyo - 08 January 2013 - Mitsubishi Electric Corporation announced today the establishment of Mitsubishi Electric Turkey A.Ş. in Istanbul, giving the company its first direct presence in Turkey. The new company will act as a base to expand and support Mitsubishi Electric Group business in Turkey and surrounding regions.

Mitsubishi Electric's business in Turkey currently includes air conditioning, factory automation and infrastructure-related products such as satellites, elevator/escalators and electrical equipment for railcars. Sales totaled 9.8 billion yen, approximately 112 million USD, in the previous fiscal year that ended March 2012.

Turkey's nominal GDP was the world's 18th largest in 2011 at $774 billion, thanks to spending by the country's growing middle class and a large working population. Turkey's real GDP growth rate was also high at 8.5% in 2011 and steady growth of 2-4% is predicted in 2012 and beyond. Mitsubishi Electric has positioned Turkey as a priority market based on this growth potential. 

Mitsubishi Electric Turkey A.Ş. has paid-in capital of 2.26 million Turkish Lira (approximately 100 million yen) and is owned by Mitsubishi Electric Europe B.V. (70%) and Mitsubishi Electric Corporation (30%).

Source: Mitsubishi