TOKYO--(BUSINESS WIRE)--Mitsubishi Electric Corporation (TOKYO:6503) announced today that its subsidiary Mitsubishi Elevator Korea Co., Ltd. (KMEC) will begin operating a new elevator factory in the Incheon Free Economic Zone of South Korea on March 1. The factory will have an R&D center for strengthened development and verification functions and will expand current production capacity by 2.5 times to 4,000 units, Mitsubishi Electric expects to help expand its elevator and escalator global business and increase market share in South Korea.

KMEC’s New Factory Location Incheon Free Economic Zone (Songdo), Incheon Metropolitan City, Republic of Korea Site area 18,220 square meters Floor Space 19,070 square meters Purpose Development, verification and manufacture of elevator equipment Start of operation March 1, 2018 Production capacity 4,000 units annually Investment Approx. 33 billion KRW (Approx. US$ 27 million) Employees Approx. 120 (initially) Adjunct facilities 95-meter elevator testing tower, and field training center

Aims of New Factory

1) Leverage reinforced development and verification capabilities of new R&D Center to respond to global market needs

New R&D center for development and verification will make full use of KMEC’s engineering capabilities

New R&D center will take over selected development functions from Inazawa Works, Mitsubishi Electric’s elevator and escalator mother factory in Japan, for global development and verification

Strategically integrate sales, engineering, development, manufacturing, installation and maintenance functions in South Korea to offer elevators that meet specific local needs

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