MHI to Launch New MIES in Singapore
Integrating Businesses of 3 Local Affiliated Companies
-- To Assume Functions as Global Business Center --

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.

The new MIES will perform a wide range of activities as a business development base for MHI's Shipbuilding & Ocean Development, Air-Conditioning & Refrigeration Systems, and Power Systems segments. These functions will be added to those performed by the current MIES: namely, EPC (engineering, procurement and construction) operations relating to CO2 recovery systems, gas/oil production facilities, chemical plants, etc.; and business operations involving material handling and water treatment systems and equipment. Going forward the new company will also strengthen its administrative and management functions – including general affairs and personnel, material procurement, and accounting and finance – and will extend support to MHI group companies in the ASEAN and Oceania regions on those matters.

By integrating these various functions into the new company, MHI looks to strengthen and accelerate its business development activities globally through enhanced efficiency in the use of management resources and stronger marketing capabilities enabled by information sharing among its various business sectors. "Mitsubishi Heavy Industries" has been adopted in the corporate name of new MIES, a new strategic base for MHI's global business development. Going forward MHI will closely cooperate with the new MIES to forge a new era based on even greater trust.