Press release from the issuing company
Hiroshima, Japan - Mitsubishi Heavy Industries, Ltd. (MHI) has announced the start-up, effective July 1, 2010, of a fully owned subsidiary established to takeover the company's printing and paper converting machinery operations. The new company – Mitsubishi Heavy Industries Printing & Packaging Machinery, Ltd. (MHI-P&PM) – is headquartered in Hiroshima, Japan, capitalized at 10 billion yen, and begins operation with a workforce of around 1,000 employees. Ken Watabe has been appointed president of the new company.
MHI-P&PM combines the MHI Printing & Paper Converting Machinery Sales Company Ltd., which was originally established for sales and after-sales service of Mitsubishi printing presses and paper converting machinery throughout Japan's domestic markets, with the former Paper & Printing Machinery Division within MHI. The new enterprise takes over all business related to printing and paper converting machinery from design, manufacture and procurement to marketing, quality assurance and after-sales service. Mitsubishi's former international network of sales distributors and agents remains unchanged, but will now be overseen by MHI-P&PM.
Mitsubishi first began manufacturing corrugating machinery in 1956 and printing machinery in 1962. Over the years, the company has introduced leading-edge technologies in both product lines that have gone on to become industry-setting standards in markets around the world. Within the past few years, however, the global economic crisis has sharply dropped capital investment and recovery is not anticipated in the short term.
By establishing one streamlined resilient company that integrates marketing, sales, design and manufacturing, MHI-P&PM will realize a quicker response to market trends and customer requirements. It will also better position the company to overcome today's severe business environment while allowing it to successfully compete against other manufacturers specializing in these areas.
- Company Name (English): Mitsubishi Heavy Industries Printing & Packaging Machinery Ltd.
- Address: 1-1, Itozaki Minami 1-Chome, Mihara, Hiroshima, Japan 729-0393
- Establishment: July 1, 2010
- Capital: Japanese Yen 10 Billion
- Employees: Approximately 1,000
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