Mitsubishi

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The , Mitsubishi Group of Companies, or Mitsubishi Companies, all refer to a large grouping of independently operated Japanese companies which share the Mitsubishi brand name. While the companies are autonomous, they share the brand name and trademark, as well as a common legacy.

The Mitsubishi group of companies form a loose entity, the Mitsubishi Keiretsu, which is often referenced in US and Japanese media and official reports; in general these companies all descend from the zaibatsu of the same name. A keiretsu is a common feature of Japanese corporate governance and refers to a collaborative group of integrated companies with extensive share crossholdings, personnel swaps and strategic co-operation.

The top twenty-nine companies are also members of the Mitsubishi Kinyokai, or "Friday Club", and meet monthly. The Mitsubishi.Com Committee is charged with maintaining the overall integrity of the brand as well as maintaining the portal web site.

History

The first Mitsubishi company was a shipping firm that Yataro Iwasaki established in 1870. In 1873 it took the name Mitsubishi Shokai (三菱商会). The name Mitsubishi (三菱) has two parts: "mitsu" means "three" and "bishi" means "water chestnut", and hence "rhombus", which is reflected in the company's logo. Another translation is "three diamonds".^*

That company soon diversified into coal mining, shipbuilding, banking, insurance, warehousing, and trade. Later diversification carried the organization into such sectors as paper, steel, glass, electrical equipment, aircraft, oil, and real estate. As Mitsubishi built a broadly based conglomerate, it played a central role in the modernization of Japanese industry.

At the start of the 20th century the company, which by itself accounted for over half of the Japanese merchant fleet, entered into a period of diversification that would eventually result in the creation of three entities:

Mitsubishi Bank (now a part of the Mitsubishi UFJ Financial Group) was founded in 1919. After its mergers with the Bank of Tokyo in 1996, and UFJ Holdings in 2004, this became Japan's largest bank.

Mitsubishi Corporation, founded in 1893, serves the internal financing needs of the group

Mitsubishi Heavy Industries, which includes these industrial companies.
- Mitsubishi Motors, the 4th largest Japanese auto manufacturer.
- Mitsubishi Atomic Industry, a nuclear power company.
- Mitsubishi Chemical, the largest Japanese chemicals company
- Nikon Corporation, a well-known brand of photographic equipment.

World War II

During the Second World War, Mitsubishi manufactured aircraft, including the famous Zero that was used in the attack on Pearl Harbor on December 7, 1941 and many other occasions. Also, like many other large Japanese corporations at that time, it made use of slave labor from U.S. Allied POWs and the Japanese captured territories, like Korea and China. With poor working conditions, many people died during this period. Approximately twenty thousand Korean slave laborers died in the atomic bombings of Hiroshima and Nagasaki by the United States^*.

In a statement, the Mitsubishi Corporation says that forced labor is inconsistent with the company's values, and that the various lawsuits targeting Mitsubishi are misdirected. Instead, a spokesman says the Mitsubishi of World War II is not the same Mitsubishi of today. The conglomerate also rejected a Chinese slave labor lawsuit demand by saying it bore no responsibility since it was national policy to employ Chinese laborers."

After the war

Mitsubishi split itself into independent companies in 1946 under the postwar government policy of decentralizing industry. The newly independent companies used their accumulated technology and other strengths to pursue growth under separate business models. As independent corporations, the Mitsubishi companies cooperated in some ventures, as in petrochemicals and nuclear power, and competed with each other in other sectors. The Mitsubishi companies form a loose entity known as the Mitsubishi keiretsu, or Mitsubishi group.

Controversy

Mitsubishi has been criticized for some of its corporate practices, most notably with respect to work-place discrimination, and environmental pollution. A disgruntled former employee, Kamal Sinha, has started a website called Mitsubishi Watch to report such complaints. Niall Murtagh's book, "The Blue-Eyed Salaryman", describes both positive and negative aspects of working for Mitsubishi from a foreigner's perspective.

A new era

Mitsubishi participated in Japan's unprecedented economic growth of the 1950s and 1960s. For example, as Japan modernized its energy and materials industries, the Mitsubishi companies created Mitsubishi Petrochemical, Mitsubishi Atomic Power Industries, Mitsubishi Liquefied Petroleum Gas, and Mitsubishi Petroleum Development.

The traditional Mitsubishi emphasis on technological development was in new ventures in such fields as space development, aviation, ocean development, data communications, computers, and semiconductors. Mitsubishi companies also were active in consumer goods and services.

In 1970, Mitsubishi companies established the Mitsubishi Foundation to commemorate the centennial anniversary of the founding of the first Mitsubishi company. The companies also individually maintain charitable foundations. Mitsubishi pavilions have been highlights of expositions in Japan since the historic EXPO'70 in Osaka in 1970.

The Mitsubishi companies

Core members

These companies are members of the Mitsubishi Kinyokai (or Friday Club), and meet monthly.

Related organizations

External links

Mitsubishi | Companies headquartered in Tokyo | Conglomerate companies | Rail vehicles manufacturers | 1870 establishments

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