Mitsubishi

Basic information

Ownership status:

Publicly traded

Number of employees worldwide:

53,738

Website:

http://www.mitsubishicorp.com/

Tel:

03-3210-2121

Fax:

03-3210-8583

Financial information

Detailed financial information

Total revenue:

$41,048,300,000

Net Income:

$1,695,700,000

Mitsubishi means "three diamonds" in Japanese. The sogo shosha (trading company) operates through six main business groups: living essentials (agricultural products, food and beverages, textiles, and construction materials); metals (ferrous and nonferrous); machinery (power generation equipment, electrical systems, automobile parts); energy (liquefied natural gas, crude oil); chemicals (petrochemicals, fertilizers, plastics); and a new business initiatives unit, which offers software, logistics, telecommunications, and other services.

The Mitsubishi group of companies form a loose entity, the Mitsubishi Keiretsu, which is often referenced in US and Japanese media and official reports; in general these companies all descend from the zaibatsu of the same name. A keiretsu is a common feature of Japanese corporate governance and refers to a collaborative group of integrated companies with extensive share crossholdings, personnel swaps and strategic co-operation. The top 29 companies are also members of the Mitsubishi Kin'yōkai, or "Friday Club", and meet monthly.

The first Mitsubishi company was a shipping firm established by Yataro Iwasaki (1834 — 1885) in 1870. In 1873 its name was changed to Mitsubishi Shokai (三菱商会). The name Mitsubishi (三菱) has two parts: "mitsu" meaning "three" and "bishi" meaning "water caltrop" (also called "water chestnut"), and hence "rhombus", which is reflected in the company's logo. Another translation is "three diamonds".

The company bought into coal mining in 1881 by acquiring the Takashima mine, using the produce to fuel their extensive steamship fleet. They also diversified into shipbuilding, banking, insurance, warehousing, and trade. Later diversification carried the organization into such sectors as paper, steel, glass, electrical equipment, aircraft, oil, and real estate. As Mitsubishi built a broadly based conglomerate, it played a central role in the modernization of Japanese industry.

The Mitsubishi Zero was a primary Japanese naval fighter in World War II. It was used by Imperial Japanese Navy pilots in the attack on Pearl Harbor and in kamikaze attacks until the end of the war. Allied pilots were astounded by its maneuverability, and it was very successful in combat until the Allies devised tactics to utilize their advantage in firepower and diving speed. Mitsubishi also built the "Raiden", a land-based interceptor.

As well as building prominent fighters, Mitsubishi also built many of Japan's most famous bombers of the war, such as the G3M, the G4M, the Ki-21, and the Ki-67. Mitsubishi is one of allmost 60 Japanese companies, that engaged in wartime forced labor, that have been sued in U.S. courts by former Allied POWs seeking unpaid wages and proper compensation for damages.

Mitsubishi split itself into independent companies in 1946 under the post-war government policy of decentralizing industry. The newly independent companies used their accumulated technology and other strengths to pursue growth under separate business models. As independent corporations, the Mitsubishi companies cooperated in some ventures, as in petrochemicals and nuclear power, and competed with each other in other sectors. The Mitsubishi companies form a loose entity known as the Mitsubishi keiretsu, or Mitsubishi group.

Mitsubishi participated in Japan's unprecedented economic growth of the 1950s and 1960s. For example, as Japan modernized its energy and materials industries, the Mitsubishi companies created Mitsubishi Petrochemical, Mitsubishi Atomic Power Industries, Mitsubishi Liquefied Petroleum Gas, and Mitsubishi Petroleum Development.

The traditional Mitsubishi emphasis on technological development was in new ventures in such fields as space development, aviation, ocean development, data communications, computers, and semiconductors. Mitsubishi companies also were active in consumer goods and services.

In 1970, Mitsubishi companies established the Mitsubishi Foundation to commemorate the centennial anniversary of the founding of the first Mitsubishi company. The companies also individually maintain charitable foundations. Mitsubishi pavilions have been highlights of expositions in Japan since the historic EXPO'70 in Osaka in 1970.

As of 2007 Mitsubishi Corporation, a member of the Mitsubishi Group, is Japan's largest general trading company sogo shosha with over 200 bases of operations in approximately 80 countries worldwide. Together with its over 500 group companies, Mitsubishi employs a multinational workforce of approximately 54,000 people. Mitsubishi has long been engaged in business with customers around the world in many industries, including energy, metals, machinery, chemicals, food and general merchandise.

The Mitsubishi Group has a history of unusually aggressive involvement in deforestation in Indonesia, Malaysia, Canada, Chile, Brazil, the Phillipines, Papua New Guinea, the United States and other countries.

Location

Global

New York, NY 10017 Chiyoda-ku

Tokyo, 00-8086

Japan