Mitsubishi

For information on Mitsubishi brand computer monitors, see NEC-Mitsubishi Electronics Display of America Inc. For the automotive corporation, see Mitsubishi Motors.
Mitsubishi logo

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 US and Japanese media and official reports; in general these companies all descend from the zaibatsu of the same name. A keiretsu is a common feature of Japanese corporate governance and refers to a collaborative group of integrated companies with extensive share crossholdings, personnel swaps and strategic co-operation. 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

History

The first Mitsubishi company was a shipping firm established 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) has two parts: "mitsu" meaning "three" and "hishi" (which becomes "bishi" in the middle of a word) meaning "water caltrop" (also called "water chestnut"), and hence "rhombus", which is reflected in the famous company's logo which symbolizes the propeller of a ship. It is also translated as "three diamonds".[2]

The company bought into coal mining in 1881 by acquiring the Takashima mine and Hashima Island in 1890, using the produce 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:

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 in the attack on Pearl Harbor on December 7, 1941 and many other occasions, including in kamikaze attacks in the later stages of the war. 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 well as building prominent fighters, Mitsubishi also built many of Japan's most famous bombers of the war, such as the G3M, the G4M, the Ki-21, and the Ki-67. During the 1930s, Mitsubishi had also built the single-engined Ki-35.[3]

Slave labour controversy

Like many other large Japanese corporations at that time, Mitsubishi made use of slave labour from Allied POWs and the Japanese captured territories, like Korea and China. With poor working conditions, many people died during this period.

In the post-war period, various lawsuits and demands for compensations were presented against the Mitsubishi Corporation, in particular by former Chinese slave labourers. The counter-arguments presented in statements by the conglomerate's spokesman and by lawyers representing it in the courts included that:

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.

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.

Mitsubishi companies

Core members

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

Related organizations

References

  1. ↑ Mitsubishi.com Committee
  2. ↑ The Mitsubishi Mark
  3. ↑ Tachikawa Ki-36

External links

Japan's Zaibatsu, Keiretsu, and modern Groups
Big 4 Zaibatsu (preceding World War II)
Mitsubishi • Sumitomo • Mitsui • Yasuda
Second tier zaibatsu (preceding WW2)
Asano • Fujita • Furukawa • Mori • Kawasaki • Nakajima • Nitchitsu • Nissan Group • Nisso • Nomura • Okura • Riken Group • Shibusawa
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
UFJ Group
Lesser Unaffiliated Groups