MITSUBISHI ELECTRIC
and SCHINDLER TO COOPERATE IN ELEVATOR/ESCALATOR BUSINESS
TOKYO, April 27, 2000 -- Mitsubishi Electric
Corporation (President and CEO: Ichiro Taniguchi) and Schindler
Holding Ltd. (Chairman and CEO: Alfred N. Schindler, Main Office:
Lucerne, Switzerland) have agreed to cooperate in the mutual supply
of components for elevators and escalators.
Outline of Tie-up
The two companies have agreed to supply to each other major components
for elevators and escalators. As a part of the agreement, Mitsubishi
Electric Corporation will purchase "Schindler Aramid ropes" which
are newly developed all-synthetic traction ropes for elevators.
Aramid ropes are highly innovative and dramatically improve the
efficiency of the elevator systems. The supplied components will
be incorporated into end products at each plant before shipment.
Background and Objectives of Tie-up
Mitsubishi Electric Corporation and Schindler Holding Ltd. have
negotiated for business cooperation on a global scale, in an attempt
to maintain their top-level positions in the world 's market of
elevators and escalators, and to expand their businesses further.
As a result, the two firms have agreed to supply to each other
major components for elevators and escalators. This is the first
step in the two companies' business cooperation.
Through this link-up, both companies aim to increase their position
in the world market, and expand and reinforce their businesses
by improving competitiveness and profitability.
Both companies, however, will continue to carry out production,
sales and maintenance of end products - elevators and escalators
- separately in the world market, including Japan.
Future Plans
As the second step in this bilateral cooperation, Mitsubishi Electric
Corporation and Schindler Holding Ltd. will jointly develop the
most advanced technology and products in the industry.Both companies
plan to start a joint development in accordance with development
strategies.
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About Mitsubishi Electric Corporation
With more than 75 years of experience in providing reliable, high-quality
products to both corporate clients and general consumers all over
the world, Mitsubishi Electric Corporation is a recognized world
leader in the manufacture, marketing and sales of electrical and
electronic equipment used in information processing and communications,
space development and satellite communications, consumer electronics,
industrial technology, energy, transportation and construction.
With operations in 34 countries, Mitsubishi Electric Corporation
recorded consolidated group sales of over US$31 billion in the
year ended March 31, 1999. Additional information on Mitsubishi
Electric Corporation is available at
global.mitsubishielectric.com.
About Schindler Holding AG
Schindler was established in Switzerland in 1874. Today it is
the second largest player in the elevator world market and has
subsidiaries in over 100 countries. As an international player
in the elevator. Its head office is located in Hergiswil, near
Lucerne, Switzerland, and the company has factories in Switzerland,
different European countries, Australia, USA, Brazil, China and
Malaysia, among other countries. In 1999 sales reached 7.6 billion
Swiss francs and the company has roughly 43,000 employees. For
more information, please visit
http://www.schindler.com.
