Mitsubishi

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Mitsubishi Group
Type Conglomerate
Founded 1870
Divisions Mitsubishi Bank
Mitsubishi Corporation
Mitsubishi Heavy Industries
Mitsubishi Motors
Mitsubishi Chemical
Website Mitsubishi.com
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For information on Mitsubishi brand computer monitors, see NEC-Mitsubishi Electronics Display of America Inc. For the automotive corporation, see Mitsubishi Motors.

The Mitsubishi Group (三菱グループ Mitsubishi Gurūpu?), Mitsubishi Group of Companies, or Mitsubishi Companies is a Japanese conglomerate consisting of a range of autonomous 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. The Mitsubishi.com Committee is meant to facilitate communication and access of the brand through a portal web site.[1]

Contents

[edit] History

The Mitsubishi company was first established as a shipping firm by Yataro Iwasaki (1834–1885) in 1870. In 1873, its name was changed to Mitsubishi Shokai (三菱商会). The name Mitsubishi (三菱) 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 famous logo. It is also translated as "three diamonds".[2]

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 mangerial resources and technological capabilities acquired throuh 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. [3]

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.

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

[edit] World War II

Mitsubishi A6M "Zero" fighter.

During the Second World War, Mitsubishi manufactured aircraft under the direction of Jiro Horikoshi. The Mitsubishi 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, and it was very successful in combat until the Allies devised tactics to utilize their advantage in firepower and diving speed.

As was common among Japanese companies during the second World War, 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[4].

[edit] New era

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

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 has long been engaged in business with customers around the world in many industries, including energy, metals, machinery, chemicals, food and general merchandise.

Mitsubishi Motors reached 1.3 million cars of total production in 2007.

[edit] Mitsubishi companies

A picture of a Mitsubishi and LG Electronics Air conditioning unit at a Banbury shopping mall in the year 2010.


[edit] Core members

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

[edit] Related organizations

[edit] See also

[edit] References

  1. ^ Mitsubishi.com Committee
  2. ^ The Mitsubishi Mark
  3. ^ Odagiri, Hiroyuki (1996). Technology and Industrial Development in Japan. Oxford University Press. pp. 76. ISBN 0-19-828802-6. 
  4. ^ ZNet |Japan | Mitsubishi, Historical Revisionism and Japanese Corporate Resistance to Chinese Forced Labor Redress

[edit] External links

Wikimedia Commons has media related to: Mitsubishi
v • d • e
Mitsubishi aircraft engines
Piston engines

Ha42 · Kasei · Kinsei · Zuisei
Turboshafts

TS1
v • d • e
Japan's Zaibatsu, Keiretsu, and modern Groups
Big 4 Zaibatsu (preceding World War II)
Mitsubishi • Sumitomo • Mitsui • Yasuda
Second tier zaibatsu (preceding WW2)
Big 6 Keiretsu (until shortly after Japan bubble)
Mitsubishi • Mitsui • Sumitomo • Fuyo • Dai-Ichi Kangyo • Sanwa
Current Groups
Midori Kai • Mizuho Group • Mitsubishi • Mitsui • Sumitomo
Transitionary Keiretsu
Lesser Unaffiliated Groups
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