Mitsubishi
Mitsubishi is the name for a large group of related Japanese companies that share the Mitsubishi brand name.
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2 Problems 3 The Mitsubishi companies 4 External links |
History
The first Mitsubishi company was a shipping firm that Yataro Iwasaki established in 1870. In 1873 it took the name Mitsubishi Shokai (三菱商会). The name Mitsubishi (三菱, Kunrei-shiki: Mitubisi) means three rhombi, which is reflected in the company's logo. Another translation is three diamonds.
That company soon diversified into coal mining, 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.
At the start of the 20th century the company, which by itself accounted for over half of the Japanese merchant fleet, entered into a period of diversification that would eventually result in the creation of three entities:
- Mitsubishi Bank was founded in 1919. After its merger with Bank of Tokyo in 1996, this became Japan's largest bank.
- Mitsubishi Corporation, founded in 1893, serves the internal financing needs of the group
- Mitsubishi Heavy Industries, which includes these Industrial companies.
- Mitsubishi Motors Corporation, the 4th largest Japanese auto manufacturer.
- Mitsubishi Atomic Industry, a nuclear power company.
- Mitsubishi Chemical, the largest Japanese chemicals company
- Nikon, a well-known brand of photographic equipment.
World War II
During the Second World War, Mitsubishi manufactured aircrafts, including the famous Zero that was used in the attack on Pearl Harbor on December 7, 1941.
After the war
Mitsubishi split itself into independent companies in 1946 under the postwar government policy of decentralizing industry. The newly independent companies used their accumulated technology and other strengths to pursue growth under separate business models. As independent corporations, the Mitsubishi companies cooperated in some ventures, as in petrochemicals and nuclear power, and competed with each other in other sectors. The Mitsubishi companies form a loose entity known as the Mitsubishi Keiretsu, or Mitsubishi Group.Problems
Mitsubishi has been criticized for some of its corporate practices, most notably with respect to workplace discrimination and environmental pollution. A disgruntled former employee, Kamal Sinha, has started a website called Mitsubishi Watch to report such complaints.
The Mitsubishi companies
Core members
These companies are members of the Mitsubishi Kinyokai (or Friday Club), and meet monthly.Related Organizations
External links