23 July 2013

Mitsubishi Electric Establishes JV in China to Develop Upscale Refrigerators

Tokyo – 23 July 2013 - Mitsubishi Electric Corporation has established 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.

Hefei Kinghome Electrical has been developing, producing and selling refrigerators in China since 2006. Capitalized at 200 million RMB, the company employs about 2,200 people under the direction of General Manager Xuebin He. 

Mitsubishi Electric Corporation (TOKYO: 6503) is a 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. The company recorded consolidated group sales of 3,567.1 billion yen (US$ 37.9 billion) in the fiscal year ended March 31, 2013.

Source: Mitsubishi Electric