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FOR IMMEDIATE RELEASE No. 2839
Mitsubishi Electric Group to Acquire Setsuyo Astec Corporation
Move strengthens group's FA system business in Asia
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TOKYO, April 15, 2014 - Mitsubishi Electric Corporation (TOKYO: 6503) announced today that the company and its group companies will acquire Setsuyo Astec Corporation, a factory-automation (FA) equipment sales firm operating in 10 Asian countries and regions, to enhance Mitsubishi Electric's presence in these markets. With Setsuyo Astec as a wholly owned subsidiary, Mitsubishi Electric expects to raise FA sales in Asia to 200 billion yen by the fiscal year ending March 2017.
Setsuyo Astec is engaged in sales and supply of factory-automation equipment, low- and high-voltage power distribution equipment, visual information equipment, semiconductors, electronic components and materials. The company is doing business in Asian markets including Taiwan, Korea, China, Hong Kong, Thailand, Indonesia, Singapore, India, Vietnam, and Philippine.
"With China, Korea and Taiwan as our core markets, and ASEAN countries as our significant fast developing markets, Mitsubishi Electric's FA systems division aims to achieve global consolidated sales of 600 billion yen, 50% of which coming from outside Japan, by March 2016" said Hideyuki Okubo, Representative Senior Vice President in charge of Factory Automation Systems at Mitsubishi Electric. "By acquiring Setsuyo Astec and its seven subsidiary companies, Mitsubishi Electric will leverage their presence and business in Asia to reinforce local marketing and sales in the region."
Setsuyo Astec is engaged in sales and supply of factory-automation equipment, low- and high-voltage power distribution equipment, visual information equipment, semiconductors, electronic components and materials. The company is doing business in Asian markets including Taiwan, Korea, China, Hong Kong, Thailand, Indonesia, Singapore, India, Vietnam, and Philippine.
"With China, Korea and Taiwan as our core markets, and ASEAN countries as our significant fast developing markets, Mitsubishi Electric's FA systems division aims to achieve global consolidated sales of 600 billion yen, 50% of which coming from outside Japan, by March 2016" said Hideyuki Okubo, Representative Senior Vice President in charge of Factory Automation Systems at Mitsubishi Electric. "By acquiring Setsuyo Astec and its seven subsidiary companies, Mitsubishi Electric will leverage their presence and business in Asia to reinforce local marketing and sales in the region."
About Setsuyo Astec Corporation
| President | Yukio Murata |
| Location | Osaka city, Osaka, Japan |
| Capital | 90 million yen (approximately 900,000 USD) |
| Established | December 3, 1964 |
| Employees | Approximately 140 |
| Subsidiaries (country/region) |
SETSUYO ENTERPRISE CO., LTD. (Taiwan) SHANGHAI SETSUYO TRADING CO., LTD. (China) SETSUYO AUTOMATION TRADING (SHANGHAI) CO., LTD. (China) STC ENTERPRISE H.K. LTD. (Hong Kong) SETSUYO ASTEC (THAILAND) CO.,LTD. (Thailand) PT.SETSUYO ASTEC (Indonesia) SETSUYO ASTEC SINGAPORE PTE.LTD. (Singapore) |