Mitsubishi Electric to Strengthen Production Facilities for Energy System Business in U.S. and Japan [Yahoo! Finance]
MITSUBISHI ELEC UNSP/ADR (MIELY)
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mitsubishielectric.com/company/ir/index.html
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Source: Yahoo! Finance
TOKYO, October 30, 2024 BUSINESS WIRE Mitsubishi Electric Corporation (TOKYO: 6503) announced today that its U.S. subsidiary Mitsubishi Electric Power Products, Inc., headquartered in Pittsburgh, Pennsylvania, will invest approx. USD 86 million (approx. 12 billion yen) in advanced switchgear production and power electronics in the U.S. This investment is driven by the increasing demand for transmission and distribution grid products as the U.S. moves toward its renewable energy and decarbonization goals. Combined with Mitsubishi Electric's investment in a factory in Japan, the Mitsubishi Electric Group' total investment of approx. USD 110 million (approx. 16 billion yen) will strengthen its energy system production capabilities both in Japan and overseas. Mitsubishi Electric Power Products will construct a new approximately 160,000 square foot Advanced Switchgear Factory in Western Pennsylvania, marking Mitsubishi Electric Power Products' first new manufacturing facility in over a
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