MHI Compressor Corp. Establishes Local Subsidiary in South Korea through Joint Venture with Mitsubishi Corp.
Product name：MHI Compressor Corp.
- New Company to Strengthen Customer Support and More Fully Cultivate this Promising Market -
- MCO establishes new company in Seoul as sales office providing central point of contact for customers
- Provides integrated sales and maintenance network, and strengthens customer-based sales
TOKYO, Oct 1, 2018 - (JCN Newswire) - Mitsubishi Heavy Industries Compressor Corporation (MCO), a group company of Mitsubishi Heavy Industries, Ltd. (MHI), has established MHI Compressor Korea, Ltd. (MCO-K), a joint venture with Mitsubishi Corporation, and began operations today. The new company aims to further cultivate the promising market in South Korea, where it has sold many compressors and drivers.
MCO-K was established in Seoul with capitalization of 900 million won (approx. 100 million yen). MCO holds a 70% share, with the remaining 30% owned by Mitsubishi Corp. The company was launched with a four-person team led by President Ryota Okada from MCO, and will be expanded going forward. MCO-K will strengthen the organizational structure by creating a central point of contact for customers in South Korea, provide closer connections and faster responsiveness to end users and EPC (Engineering, Procurement, and Construction) companies, and focus on cultivating demand for new construction as well as renovation and after-sales service.
MCO has sold over 200 compressors and drivers in the South Korean market, mainly for petrochemical plants. The ethylene and other petrochemical materials and products produced in South Korea are exported to the major consuming area of China, where firm demand is expected to continue. The new company MCO-K will be in a position to respond quickly to needs from these end users for increased production capacity, overhauls, and regular maintenance. In addition, with South Korean EPC companies exerting a greater presence worldwide in petrochemical plant construction, MCO-K will strengthen ties to allow for cooperation from the plant planning stage.
With the launch of MCO-K, MCO will work to expand sales in South Korea, with a view to utilizing the new company to facilitate broader market development. MCO will also work in close cooperation with MHI and Mitsubishi Corp. to expand market share and strengthen the competitiveness of MCO products.
About Mitsubishi Heavy Industries, Ltd.
Mitsubishi Heavy Industries (MHI) Group is one of the world's leading industrial firms. For more than 130 years, we have channeled big thinking into solutions that move the world forward - advancing the lives of everyone who shares our planet. We deliver innovative and integrated solutions across a wide range of industries, covering land, sea, sky and even space. MHI Group employs 80,000 people across 400 locations, operating in three business domains: "Power Systems," "Industry & Infrastructure," "Aircraft, Defense & Space." We have a consolidated revenue of around 40 billion U.S. Dollars. We aim to contribute to environmental sustainability while achieving global growth, using our leading-edge technologies. By bringing people and ideas together as one, we continue to pave the way to a future of shared success.
For more information, please visit MHI's website: https://www.mhi.com
For Technology, Trends and Tangents, visit MHI's new online media SPECTRA: https://spectra.mhi.com
Corporate Communication Department
Mitsubishi Heavy Industries, Ltd.
Copyright 2018 JCN Newswire. All rights reserved. www.jcnnewswire.com
MHI Compressor Corp.