Mitsubishi Electric Corp. said Thursday it will establish a holding company in Los Angeles on April 1 to manage its seven U.S. subsidiaries.
Mitsubishi Electric U.S. Holdings Inc. will be capitalized at some $120.2 million (13.8 billion yen). It is expected to enhance management efficiency and strengthen cooperation between the seven subsidiaries, which are located across the country, the company said.
The total sales generated by the seven subsidiaries will likely amount to some 430 billion yen in fiscal 2003, while their overall workforce will total some 5,000, it said.
The seven subsidiaries are Mitsubishi Electric & Electronics USA Inc., Amlift International Inc., Mitsubishi Digital Electronics America Inc., Mitsubishi Electric Automation Inc., Mitsubishi Electric Research Laboratories Inc., Mitsubishi Electric Automotive America Inc., and Mitsubishi Electric Power Products Inc.