Mitsubishi Electric establishes new company in Turkey to manufacture air conditioners
ISTANBULMitsubishi Electric Corporation is set to establish a new company for the development and manufacture of room air conditioners in Istanbul, it said in a written statement on April 14.
The company is scheduled to begin production in January 2018 in the Aegean province of Manisa with initial capital of 80.6 million Turkish Liras.
The capital spending of the company will be 176.3 million liras, said the company. Around 400 people are expected to be employed by 2020, it added.
The annual demand for room air conditioners in Turkey is about 1 million, and further growth is expected in line with an increasing population, according to the company statement.
Rising demand is also forecast for neighboring Balkan countries.
“Based on this robust demand and a favorable business environment, including a skilled labor pool and stable components procurement, Mitsubishi Electric decided to establish a development and manufacturing base in Turkey. The new company will play a key role in Mitsubishi Electric’s global strategy for its air conditioning and refrigeration-systems business in the European market, which calls for accelerated localization to ensure a flexible supply chain capable of responding to fluctuating demands. The strategy also promotes product development that meets specific local needs, preferences and environmental requirements in Europe while continuously consolidating manufacturing and supply capability,” said the company.