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FOR IMMEDIATE RELEASE No. 2772
Mitsubishi Electric Joint Venture to Develop Upscale Refrigerators in China
Will Focus on Growing Demand for Large Models Used in Homes
PDF Version(58KB)
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.
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 |