AUTO INDUSTRY NEWS

Mitsubishi Motors Japan buys majority stake in PH Transmission plant

Mitsubishi Motors Japan buys majority stake in PH Transmission plant image

Text: / Photos: | posted June 30, 2014 15:07

Now holds 90-% of ATC shares

Mitsubishi Motors Corporation (MMC) announced that it has acquired shares of Asian Transmission Corporation (ATC) from Mitsubishi Motors Philippines Corporation (MMPC) and Sojitz Corporation (Sojitz). MMC now holds 90-percent of ATC shares.

ATC is a production base for components that supplies transmissions and engines for vehicles mainly to MMPC and other ASEAN countries. MMC says through the capital restructuring of ATC, the company will enhance the management of its component production business.

MMC will utilize this advantage in the ASEAN region and produce newly-developed transmissions exclusively at ATC starting from September this year.

Reinforcing its production base in ASEAN countries is one major agenda of MMC’s New Stage 2016 next mid-term business plan. MMC said in a press release that they will “further reinforce operating base in ASEAN countries where automobile market is expected to have sustainable growth.”

With this, MMC will strengthen the structure of supplying components within ASEAN countries in addition to the restructuring of production capability in the Philippines.