World Library  
Flag as Inappropriate
Email this Article

Mitsubishi Group

Article Id: WHEBN0001429745
Reproduction Date:

Title: Mitsubishi Group  
Author: World Heritage Encyclopedia
Language: English
Subject: Mitsubishi Motors, Mitsui, Mitsubishi Heavy Industries, Lion (Australasian company), Nikon, Mitsubishi Electric, Atami Yowado, Mitsubishi UFJ Financial Group, Fuyo Group, National Foods
Collection:
Publisher: World Heritage Encyclopedia
Publication
Date:
 

Mitsubishi Group

Mitsubishi Group
Private
Industry Conglomerate
Founded 1870
Founder(s) Iwasaki Yatarō
Headquarters Tokyo, Japan
Area served Worldwide
Key people CEO, Ken Kobayashi
Products Mining, shipbuilding, telecom, financial services, insurance, electronics, automotive, construction, heavy industries, oil and gas, real estate, foods and beverages, chemicals, steel, aviation and others
Revenue Increase US$ 248.6 Billion (2010)
Profit Increase US$ 7.2 Billion (2010)
Employees 350,000 (2010)
Subsidiaries List of subsidiaries
Website

The Mitsubishi Group (三菱グループ, Mitsubishi Gurūpu) (also known as the Mitsubishi Group of Companies or Mitsubishi Companies) is a group of autonomous Japanese multinational companies [1] covering a range of businesses which share the Mitsubishi brand, trademark, and legacy.

The Mitsubishi group of companies form a loose entity, the Mitsubishi Keiretsu, which is often referenced in Japanese and US media and official reports; in general these companies all descend from the zaibatsu of the same name. The top 25 companies are also members of the Mitsubishi Kin'yōkai, or "Friday Club", and meet monthly. In addition the Mitsubishi.com Committee exists to facilitate communication and access of the Mitsubishi brand through a portal web site.[2]

History


The Mitsubishi company was first established as a shipping firm by Yatarō Iwasaki (1834–1885) in 1870. In 1873, its name was changed to Mitsubishi Shokai . The name Mitsubishi ( consists of two parts: "mitsu" meaning "three" and "hishi" (which becomes "bishi" under rendaku) meaning "water caltrop" (also called "water chestnut"), and hence "rhombus", which is reflected in the company's logo. It is also translated as "three diamonds".[3]

Mitsubishi had been established in 1870, two years after the Meiji Restoration, with shipping as its core business. Its diversification was mostly into related fields. It entered into coal-mining to gain the coal needed for ships, bought a shipbuilding yard from the government to repair the ships it used, founded an iron mill to supply iron to the shipbuilding yard, started a marine insurance business to cater for its shipping business, and so forth. Later, the managerial resources and technological capabilities acquired through the operation of shipbuilding were utilized to expand the business further into the manufacture of aircraft and equipment. Similarly, the experience of overseas shipping led the firm to enter into a trading business.[4]

The company bought into coal mining in 1881 by acquiring the Takashima mine and Hashima Island in 1890, using the production 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.[5]

The merchant fleet entered into a period of diversification that would eventually result in the creation of three entities:

World War II


During the Second World War, Mitsubishi manufactured aircraft under the direction of Dr. Jiro Horikoshi. The Mitsubishi A6M ("Zero") was a primary Japanese naval fighter in World War II. It was used by Imperial Japanese Navy pilots throughout the war, including in kamikaze attacks during the later stages. Allied pilots were astounded by its maneuverability,[6] and it was very successful in combat until the Allies devised tactics to utilize their advantage in armor and diving speed.

Mitsubishi made use of forced labor during this time period. Laborers included allied POWs, as well as Chinese and Korean citizens. In the post-war period, lawsuits and demands for compensations were presented against the Mitsubishi Corporation, in particular by former Chinese slave laborers.[7]

Mitsubishi was involved in the opium trade in China during this period.[8]

1945 to present

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 EXPO'70 in Osaka in 1970s to 1980s.

In the early 2000s, after the merger of several companies, the Mitsubishi Tanabe Pharma group came to include the former Green Cross Corporation.

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 Motors reached 1.3 million cars of total production in 2007.

In January 2013, Mitsubishi announced it would be launching a takeover bid for the Japanese meat processor Yonekyu Corp in a deal worth $197 million.[9]

Mitsubishi companies


Core members

  • MSSC Inc.

These companies are members of the Mitsubishi Kinyokai (Friday Club), and meet monthly.

Nikkei 225 member companies

Related organizations

  • Atami Yowado
  • Chitose Kosan Co., Ltd.
  • Dai Nippon Toryo Co., Ltd.
  • The Dia Foundation for Research on Ageing Societies
  • Diamond Family Club
  • Kaitokaku
  • Koiwai Noboku Kaisha, Ltd.
  • LEOC JAPAN Co., Ltd.
  • Marunouchi Yorozu Corp.
  • Meiwa Corporation
  • Mitsubishi C&C Research Association
  • Mitsubishi Club
  • Mitsubishi Corporate Name and Trademark Committee
  • Mitsubishi Economic Research Institute
  • Mitsubishi Electric Automation (MEAU)
  • The Mitsubishi Foundation
  • Mitsubishi Kinyokai
  • Mitsubishi Marketing Association
  • Mitsubishi Motors North America
  • Mitsubishi Pencil Co., Ltd.[10]
  • Mitsubishi Public Affairs Committee
  • The Mitsubishi Yowakai Foundation
  • MT Insurance Service Co., Ltd.
  • Nippon TCS Solution Center Ltd.
  • Seikadō Bunko Art Museum
  • Shonan Country Club
  • Sotsu Corporation
  • The Toyo Bunko
  • Seikei University

See also

References

External links

  • Portal website for Mitsubishi companies
  • Mitsubishi Australia
  • Mitsubishi Canada
  • Mitsubishi Public Affairs Committee
  • Mitsubishi Heavy Industries Ltd. India
  • Template:OpenCorp
This article was sourced from Creative Commons Attribution-ShareAlike License; additional terms may apply. World Heritage Encyclopedia content is assembled from numerous content providers, Open Access Publishing, and in compliance with The Fair Access to Science and Technology Research Act (FASTR), Wikimedia Foundation, Inc., Public Library of Science, The Encyclopedia of Life, Open Book Publishers (OBP), PubMed, U.S. National Library of Medicine, National Center for Biotechnology Information, U.S. National Library of Medicine, National Institutes of Health (NIH), U.S. Department of Health & Human Services, and USA.gov, which sources content from all federal, state, local, tribal, and territorial government publication portals (.gov, .mil, .edu). Funding for USA.gov and content contributors is made possible from the U.S. Congress, E-Government Act of 2002.
 
Crowd sourced content that is contributed to World Heritage Encyclopedia is peer reviewed and edited by our editorial staff to ensure quality scholarly research articles.
 
By using this site, you agree to the Terms of Use and Privacy Policy. World Heritage Encyclopedia™ is a registered trademark of the World Public Library Association, a non-profit organization.
 


Copyright © World Library Foundation. All rights reserved. eBooks from Project Gutenberg are sponsored by the World Library Foundation,
a 501c(4) Member's Support Non-Profit Organization, and is NOT affiliated with any governmental agency or department.