MITSUBISHI ELECTRIC LAUNCHES NEW COMPANY IN LAOS

Mitsubishi Electric Corp. announced that it has established a new company called MELCO Elevator Lao Sole Co., Ltd. (MLAO) to increase its elevator business in the Mekong regional market, which it calls “highly promising.” It is expected to strengthen Mitsubishi Electric’s sales of elevators and escalators. Annual sales in Laos are expected to rise 50% from the prior fiscal year. The new company will begin operations July 1. Mitsubishi Elevator (Thailand) Co., Ltd. (MET) has been distributing elevators and escalators in Laos through a local agent, Souvanny Home Center Public Co. (SVN). MET purchased and integrated SVN’s elevator and escalator business with MLAO after completing a number of successful projects in Thailand.