Mitsubishi Heavy Industries Revamp Singapore Businesses
MHI to launch new Mitsubishi Heavy Industries (MHVYF) Engineering & Services Private Ltd. (MIES) in Singapore, integrating three local afiliated companies.
Effective October 1st 2012 Mitsubishi Heavy Industries, Ltd. (MHI) will launch a new company, Mitsubishi Heavy Industries Engineering & Services Private Ltd. (MIES), to supersede the current MHI Industrial Engineering & Services Private Ltd. (also abbreviated as MIES) after taking over various business functions of two other MHI subsidiaries in Singapore. Going forward the new company will handle a broader range of MHI business areas and will also serve as a global business center to support expansion of MHI's worldwide operations. Through this initiative MHI looks to further expand business in each of its product segments.
The current MIES, the merging company, engages mainly in environmental and chemical plant business. In its new incarnation it will take over and integrate the functions of two other local firms: business development and administrative and management (personnel, IT and procurement) functions relating to MHI's Shipbuilding & Ocean Development and Air-Conditioning & Refrigeration Systems businesses, previously performed by Mitsubishi Heavy Industries Singapore Private Ltd. (MHISP); and business development functions for the company's Power Systems operations, until now carried out by Mitsubishi Power Systems (Asia Pacific) Private Ltd. (MPS-AP).
The new MIES will be capitalized at 15 million Singapore dollars (SGD), with plans calling for an increase to SGD35 million in the future. The company will be wholly owned by MHI. It will begin operations with approximately 70 employees. Kazuitsu Ito, Managing Director of the current MIES, will continue as head of the new company.