Published: June 15, 2010
* Victims thought to be Haitians bound for Florida Bonds | Global Markets | Cuba * Seventeen survivors rescued after 10 hours in water(Updates death toll) MIAMI, May 13 (Reuters) – U.S. Coast Guard crews pulled 17survivors and ten bodies from the Atlantic Ocean on Wednesday,hours after a boat believed to be carrying illegal Haitianmigrants sank off the Florida coast. The company will also consider future overseas sitesfor this business. In the turbine generator business, for example, Mitsubishi Electric will investsome 11 billion yen in its factory in Japan to raise its annual productioncapacity from 45 units in fiscal 2009 to 80 in fiscal 2013. The company willalso bolster its overseas production and procurement sites, as well as considerfuture sites. In switchgears, Mitsubishi Electric intends to increase production capacity infactories in Japan, as well as strengthen overseas production sites mainly inthe US and Chinese markets.
The company also plans to develop cutting-edge technologies thatdifferentiate its products from its competitors. 4) Expand production capacity From April 2005, Mitsubishi Electric`s power systems business has beenimplementing Just-in-Time (JIT) and other productivity improvement activities.In addition to these activities, the company will make investments toaggressively increase its production capacity in order to achieve its mid-termgoal of 400 billion yen sales in this field. 3) Enhance product competitiveness In addition to continuing its previous efforts for increasing marketcompetitiveness, Mitsubishi Electric intends to promote its R&D to developproducts that suit global markets and also better harmonize with theenvironment. The company intends to reducegreenhouse gas emissions from power generation and transmission equipment,contribute to the widespread use of nuclear power generation and photovoltaicsystems, and find solutions to challenges arising from dispersed power sources. 2) Strengthen environment-related businesses in the energy equipment field Mitsubishi Electric will propose various solutions related to power systems inorder to reduce its impact on the environment. Mitsubishi Electric intends to further expand its thermal powergeneration systems business in India. The company is also considering whether toenter the power transmission systems market in this country.
Furthermore, in India, the company entered the thermal power generation systemsbusiness by investing in a local joint venture, and received orders for turbinegenerators. In the European market, Mitsubishi Electric succeeded in entering the powertransmission systems market in the UK and the hydraulic power generation systemsmarket in Slovenia, and will further continue its efforts to expand its businessmainly in these markets. In the nuclear power plant business, Mitsubishi Electric entered the Chinesemarket by receiving an order for instrumentation and control system, and thisfiscal year, the company will work to attain the necessary license to enter theUS market. To expandits business in this field in the mid-term, the company has formulated thefollowing mid-term strategies:* GoalMitsubishi Electric will promote sustainable growth strategies to expand itspower systems business as a leading manufacturer in the global energy equipmentmarket.* Strategies1) Expand global business Mitsubishi Electric currently has the top share in high-voltage circuit breakersfor the US market and in super-high voltage switchgears for the Chinese market.During this fiscal year ending March 2010, Mitsubishi Electric plans tostrengthen its global switchgear business, as well as its power transformer andpower electronics businesses, mainly in the US market. Mid-term Business TargetsMitsubishi Electric`s power systems business has shown a 30 percent growth insales in the three-year period until March 2009, with approximately 70 percentof its sales derived from the Japanese market and the rest from its operationsoutside Japan. Under the business conditions stated above, Mitsubishi Electricaims to increase sales in this business by 20 percent, to achieve annual salesof 400 billion yen sometime in the period between fiscal 2014-2016. Such demand requiresimprovements to reduce greenhouse gas emissions, and the development of cleanenergy technology.
Under these circumstances, there is a need for Mitsubishi Electric to bolsterits productivity and competitiveness, despite severe competition in the marketdue to its industry peers expanding their production capacity, as well ascontinued profitability risks arising from a stronger yen or increases inmaterial and crude oil prices. Meanwhile, there is growing demand for power systems that has less impact on theenvironment, as a means to help tackle climate change. Despite a current temporary slowdown in demand due to the downturn in the globaleconomy, the overseas market as well is expected to show more mid-term demandfor energy equipment, as the economies of emerging markets expand and demand forreplacements increases in major markets. Compared to 2004, power generationcapacity in each region is expected to show the following growth figures by2010: 6 percent in North America; 30 percent in China; and 28 percent in MiddleEast and Africa. Capitalexpenditures in this field are expected to grow further due to increased demandfor more electricity and for the replacement of old equipment.