MITSUBISHI ELECTRIC CORPORATIONPUBLIC RELATIONS DIVISION
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Mitsubishi Electric Launches New Elevator and Escalator Company in Laos
Expected to accelerate business growth in fast-emerging Mekong regional market
TOKYO, June 20, 2019 – Mitsubishi Electric Corporation (TOKYO: 6503) announced today that it hasestablished MELCO Elevator Lao Sole Co., Ltd. (MLAO) to accelerate its elevator and escalator businessgrowth in the highly promising Mekong regional market. The new company, which was established byMitsubishi Elevator (Thailand) Co., Ltd. (MET), a Mitsubishi Electric subsidiary, will commence operations
on July 1, 2019. The new company is expected to strengthen Mitsubishi Electric’s sales of elevators andescalators as well as related provision of high-quality maintenance services. Annual sales in Laos are expected
to rise to US$ 3.82 million by the fiscal year ending in March 2024, up 50% from the fiscal year that ended inMarch 2019.

The building MLAO will be located

Laos, which has been posting year-to-year GDP growth of approximately 7% for the past several years, is anemerging market with much potential for growth in elevator and escalator demand. Mitsubishi Electricforecasts annual demand rising from approximately 180 units in the fiscal year ending in March 2019 toapproximately 290 units in five years’ time.

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Mitsubishi Electric and its subsidiary MET have been distributing elevators and escalators in Laos through a
local agent, Souvanny Home Center Public Company (SVN), since 2013. Mitsubishi Electric is a recognized
leader with a market share of some 30%, primarily in the premium segment such as luxury hotels and offices.
MET, having successfully completed many elevator and escalator projects in Thailand, purchased andintegrated SVN’s elevator and escalator business with MLAO. The new company will focus on delivering
elevators and escalators that offer increased safety and peace of mind, backed by MET’s support and guidance
for installation and maintenance operations.
Mitsubishi Electric, which also distributes elevators and escalators through agents in the neighboring markets
of Cambodia and Myanmar, looks forward to accelerating its business expansion in the rapidly growing
Mekong regional market.

Overview of MLAO
Company

MELCO Elevator Lao Sole Co., Ltd.

General Manager

Sonthi Piamsawad

Location

Vientiane, Laos

CapitalLAK 20B (US$ 2.3M)

Ownership

MET: 100%

Established

June 2019

Start of business

July 1, 2019

Employees

Approximately 60 (as of June 2019)

Business

Sales, installation and maintenance of elevators and escalators in Laos

Overview of METCompany

Mitsubishi Elevator (Thailand) Co., Ltd.

Managing Director

Munehisa Okamoto

Location

Samut Prakan, Thailand

CapitalEstablishedTHB 100M (US$ 3.2M)
Mitsubishi Electric: 55%
Mitsubishi Corporation: 25%
Mitsubishi Electric Building Techno Service: 10%
Subsin Phaisan: 10%
December 1977

Employees

Approximately 930 (as of March 2019)

Business

Sales, installation, and maintenance of elevators and escalators primarily in Thailand

Ownership

2/3Overview of SVNCompanySouvanny Home Center Public Company

CEOWaddana Soukbandith

Location

Vientiane, Laos

Capital

LAK 330B (US$ 37.7M)
Soukbandith Family (founder): 50%
Global House International Company (Siam Cement Group, Thailand): 34%
General shareholders: 16%
1988

Ownership
Established
Employees
Business

Approximately 750 (as of March 2019)- Import and sales of building materials, home electric appliances, and furniture inLaos- Import, sales, installation and maintenance of elevators and escalators in Laos
(transferred to MLAO)###About Mitsubishi Electric Corporation
With nearly 100 years of experience in providing reliable, high‐quality products, Mitsubishi Electric
Corporation (TOKYO: 6503) is a recognized world leader in the manufacture, marketing and sales of electricaland electronic equipment used in information processing and communications, space development and satellite
communications, consumer electronics, industrial technology, energy, transportation and building equipment.
Embracing the spirit of its corporate statement, Changes for the Better, and its environmental statement, EcoChanges, Mitsubishi Electric endeavors to be a global, leading green company, enriching society withtechnology. The company recorded a revenue of 4,519.9 billion yen (US$ 40.7 billion*) in the fiscal year
ended March 31, 2019. For more information visit:
www.MitsubishiElectric.com*At an exchange rate of 111 yen to the US dollar, the rate given by the Tokyo Foreign Exchange Market on
March 31, 20193/3