Mitsubishi Electric enters JV with Shihlin

Operations to develop, manufacture and sell low-voltage switchgears are scheduled to start in October 2012. The new company, Mitsubishi Electric Low Voltage Equipment (Xiamen) Co., Ltd., will be located on the premises of Xiamen Shihlin Electric, an affiliate of Shihlin Electric & Engineering. The company will have paid-in capital of 6.5 million USD, or approximately 500 million Japanese yen, with Mitsubishi Electric, Mitsubishi Electric (China) and Shihlin Electric holding 60 percent, 10 percent and 30 percent shares, respectively. The joint venture is expected to have a workforce of 110 by the end of March 2016, and targets annual sales of 7 billion Japanese yen, or 540 million RMB, by the same fiscal year.