Mitsubishi Electric, Toshiba Establish Joint Venture
Mitsubishi Electric Corp. (Japan) and Toshiba Corp. (Japan) plan to set up a joint venture to integrate their electric power transmission and distribution businesses. The two companies stated that they plan to invest a total of 40 to 50 billion yen ($300.0 to $375.0 million) in the venture, which will begin operations October 1, 2002.
Mitsubishi Electric and Toshiba said they will combine sales engineering, development and manufacturing and will continue to aggressively promote their products for utilities companies. The venture expects to have annual sales of 150 billion yen ($1.1
billion) in the fiscal year beginning April 2003, according to the companies.