Invest KOREA

According to Pulse by Maeil Business News Korea,

Mitsubishi Elevator Korea Co., Korean elevator manufacturing subsidiary under Japan’s Mitsubishi Electric Corp., will embark on the operation of its new elevator factory in the Incheon Free Economic Zone of South Korea on March 1, Mitsubishi Electric said Monday.

The company said that with the opening of the new factory, its annual elevator output in Korea will be upped to 4,000 units, 2.5 times more than the current capacity. It has invested about 3.5 billion yen ($32.8 million) in the construction of the new factory commanding a total space of 19,070 square meters, and about 120 staffs will be deployed for its operation.

The Japanese company has also set up a research and development center at the factory in a bid to strengthen its competitiveness in Korea. With the addition of the R&D center, Mitsubishi Elevator Korea will be able to design and develop elevators, allowing it to accomplish the vertical integration of its elevator production. Founded in 2001 by Mitsubishi Electric, the Korean elevator unit has mainly focused on sales, production, installation and maintenance. Mitsubishi Electric expects replacement demand for elevators would grow in the Korean market amid solid demand among small-and mid-sized buildings.

Mitsubishi Elevator Korea has installed elevators in the residential complex Haeundae LCT in Busan, Lotte World Tower, 63 Square building and Samsung Group headquarters building.

By Hwang Soon-min and Lee Ha-yeon

Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.

Source: Pulse by Maeil Business News Korea (Feb. 27, 2018)