Mitsubishi Electric Launches New Elevator and Escalator Company in Laos
MITSUBISHI ELEC UNSP/ADR (MIELY)
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mitsubishielectric.com/company/ir/index.html
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Source: Business Wire
Expected to accelerate business growth in fast-emerging Mekong regional market TOKYO--(BUSINESS WIRE)-- Mitsubishi Electric Corporation (TOKYO:6503) announced today that it has established MELCO Elevator Lao Sole Co., Ltd. (MLAO) to accelerate its elevator and escalator business growth in the highly promising Mekong regional market. The new company, which was established by Mitsubishi Elevator (Thailand) Co., Ltd. (MET), a Mitsubishi Electric subsidiary, will commence operations on July 1, 2019. The new company is expected to strengthen Mitsubishi Electric’s sales of elevators and escalators as well as related provision of high-quality maintenance services. Annual sales in Laos are expected to rise to US$ 3.82 million by the fiscal year ending in March 2024, up 50% from the fiscal year that ended in March 2019. Laos, which has been posting year-to-year GDP growth of approximately 7% for
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