Mitsubishi Motors Corporation

Mitsubishi Motors Corporation (in Japanese: 三菱自動車工業株式会社, in romaji Mitsubishi Jidōsha Kōgyō Kabushiki Kaisha) (TYO: 7211) is a Japanese automobile company, manufacturing an extensive range of cars and trucks (see Fuso). Mitsubishis are manufactured globally and exported into most major markets, including the Far East, Europe, and the U.S..

History

Mitsubishi has been engaged in a long-term venture with Chrysler (now DaimlerChrysler), assembling a series of cars and trucks for Chrysler brands since the 1970s. Some Chrysler cars use Mitsubishi componentry, but have been gravitating toward more use of Mercedes-Benz componentry, which is considered superior.

For many years, Mitsubishi did not sell in North America under its own brand. That began changing in the United States in 1982. Many of Mitsubishi's early exports bore Chrysler brands such as Chrysler Valiant (in Australia), Dodge and Plymouth. In some countries, Colt was used as the marque. In the late 1980s, the Eagle brand was used for some Mitsubishi products in the US.

Mitsubishi has also exported car platform designs and manufacturing know-how to Hyundai in South Korea and Proton in Malaysia.

Financial troubles

Mitsubishi has recently fallen on hard economic times. With the exception of the Lancer Evolution rally homologation car and Endeavor SUV, sales have dropped drastically, especially in the critical US 18–35 youth market the company once had a hold of. Ironically, the US youth market aided in the company's economic misfortunes because young buyers would default on their car loans, especially on expensive sports cars like the Eclipse and GTO.

Mitsubishi Motor's parent company is dealing with multiple controversies over unfair business practices, the quality of its products, and the mistreatment of employees (for more details, see Mitsubishi article). Mitsubishi is also facing accusations of actively searching for the names of drivers who race their Lancer Evolutions in order to void their warranties (car companies usually void warranties if they find out the customer has raced the vehicle, legitimately or not). DaimlerChrysler has refused to buy more Mitsubishi stock than it already has, and the company is scrambling to develop more cars to both retake the youth market and compete in the mainstream market against companies such as Toyota and Honda.

Mitsubishi's sales in the important US market dropped more than 45 per cent between 2003 and 2004, and the company has fallen behind Mazda in terms of total US sales. However, the company showed marginal year-on-year improvement as of June 2005, indicating that the company's slump may be bottoming out, or even a possible return to form.

In June, 2004, Mitsubishi Motors admitted it had systematically covered up auto defects for 25 years. Among the 30 defects, 4 had publicized in 2000. By that time, the company had $9 billion debt, with $1.9 billion loss in for the fiscal year ended March 31. The announcement followed by massive recalls of over half a million vehicle. At the end of the 3rd qurater, the half year result between April to Sept 2004 showed the company suffered net loss of over 146 billion yen during the period.

In July, 2004, Mitsubishi announced that it would immediately cancel the slow-selling Diamante, Lancer Sportback station wagon, Montero Sport, and (in 2005) the Montero in the US market, and would scale back purchase projections for the Mitsubishi/Hyundai/Chrysler Global Engine Manufacturing Alliance engines. In August, 2004, Mitsubishi announced that it would not continue with a plan to have DaimlerChrysler produce a minivan for it. It will, however, get a version of the Dodge Dakota pickup truck, and will continue work with DC on future small cars. Mitsubishi has also been active in OEM production of cars for Nissan, and has just (July 2005) announced a partnership with PSA Peugeot Citroën to manufacture an SUV.

In other countries, MMC's product launches have been absymal. Although a new Lancer (Lancer Cedia) was available in Japan and the US from around 2000, it failed to introduce this model in many other nations until 2004. Until then, MMC's Thai plant was still producing its predecessor for both domestic and export markets. Similarly, the launch of a new Galant, sold in the US from 2003, was staged over years rather than months, and as of mid-2005 it still has not replaced the mid-1990s model in many nations.

Despite this trend is Mitsubishi has seen remarkable growth in Russia. While Russia is still a developing market, Mitsubishi's sales there have already exceeded previous-year sales, and 2005 sales are expected to increase over 70%. With the introduction of a newer Lancer that figure may increase.

Currently, Phoenix Capital has announced intentions to purchase a larger percent of Mitsubishi stock and turn the company into an exclusive manufacturer of sports cars and trucks/SUVs. At this point however, this plan has not been put into action.

In January 2005, there were rumours that Mitsubishi might withdraw from the United States. These rumors proved unfounded, as evidenced by the debut of a fourth-generation Eclipse. The car has been well-received in the press and by the public, but its staying power and implications for the company as a whole remain to be seen.

Shareholders

DaimlerChrysler AG 18.88%

Phoenix Capital Partners I Co., Ltd. 11.33%

Phoenix Capital Partners IV Co., Ltd. 9.06%

Mitsubishi Heavy Industries, Ltd. 8.30 %

Phoenix Capital Partners II Co., Ltd. 5.67%

Mitsubishi Corporation 2.92%

Japan Securities Finance Co., Ltd 2.85%

Morgan Whitefriars Equity Derivative 2.22%

Phoenix Capital Partners III Co., Ltd. 1.89%

DaimlerChrysler MMC Beteiligungsgesellschaft mbH 1.83%

The Bank of Tokyo-Mitsubishi, Ltd. 1.63%

The Mitsubishi Trust and Banking Corporation 1.45%

J.P. Morgan Whitefriars Inc. 0.97%

The Master Trust Bank of Japan, Ltd. (Holder in Trust) 0.93%

J.P. Morgan Securities, Ltd. 0.88%

Capital Guardian Trust Company 0.82%


Source: http://www.mitsubishi-motors.com/corporate/ir/stockinfo/e/index.html (As of 31 Sep 2004)

Locations

  • In Japan
    • Shinagawa 品川 and Tamachi 田町 (Tokyo) Headquarters
    • Tama 多摩 (Tokyo) Design
  • Worldwide
    • Trebur (Hessen (Germany)) Research
    • Illinois (USA) Research
    • Cypress (California (USA)) Design

Plants

  • In Japan
    • Okazaki 岡崎 and Oe 大江 (Nagoya) (Aichi)
    • Mizushima 水島 (Okayama)
    • Kyoto 京都 (Kyoto)
    • Shiga 滋賀 (Shiga)
  • In the USA
    • Normal, Illinois Passenger Car, Recration Vehicle and Commercial Vehicle(Truck) manufacturer. also to Canada manufacturing systems.(formerly shared with DaimlerChrysler, but no longer as of January 2005)
  • In Australia
    • Tonsley Park, Adelaide Mitsubishi Motors Australia Limited
  • In Europe
    • Stuttgart Germany, London UK and Other Europe manufacturing systems.

Car models

  • Mitsubishi Airtrek (2001 - Current)
  • Mitsubishi Carisma (1995 - Current)
  • Mitsubishi Cordia (1982 - 1990)
  • Mitsubishi Colt (from Dodge Colt and Plymouth Champ, 1965 - 1994)
  • Mitsubishi Debonair (from Hyundai Grandeur, 1964 - 1999)
  • Mitsubishi Delica & Wagon Van, Colt Van (from Hyundai Grace and Hyundai Porter, 1968 - Current)
  • Mitsubishi Diamante (1990 - 2004)
  • Mitsubishi Dion (2000 - Current)
  • Mitsubishi Eclipse (1989 - Current)
  • Mitsubishi eK (a Keicar)
  • Mitsubishi Endeavor (2004 - Current)
  • Mitsubishi Forte (1970 - 1986)
  • Mitsubishi FTO (1994 - 2000)
  • Mitsubishi Galant (from also USA & Canada manufacturing make to 1982, 1969 - Current)
  • Mitsubishi Grandis
  • Mitsubishi GTO (1990 - 1998)
  • Mitsubishi Lancer (1973 - Current)
  • Mitsubishi Lancer Evolution (1992 - Current)
  • Mitsubishi L200 (1987 - Current)
  • Mitsubishi Magna
  • Mitsubishi Mighty Max (1982 - 1996)
  • Mitsubishi Minica (1962 - Current)
  • Mitsubishi Minicab (1966 - Current)
  • Mitsubishi Mirage (1978 - 2001)
  • Mitsubishi Nimbus (1983 - Current)
  • Mitsubishi Outlander (2003 - Current)
  • Mitsubishi Pajero/Montero (from Hyundai Galloper, 1982 - Current)
  • Mitsubishi Pajero Sport/Montero Sport/Challenger (1996 - 2004)
  • Mitsubishi Pajero Mini (1994 - Current)
  • Mitsubishi Precis (from Hyundai Excel, 1986 - 1994)
  • Mitsubishi Proudia (from Hyundai Equus, 1997 - 2004)
  • Mitsubishi Raider (2005 - Current)
  • Mitsubishi RVR (1991 - Current)
  • Mitsubishi Sapporo (from, Plymouth Sapporo, 1976 - 1983)
  • Mitsubishi Space gear (from Hyundai Starex, 1994 - Current)
  • Mitsubishi Space Star & Expo, Chariot (from Hyundai Santamo, Kia Carstar and Plymouth Colt Vista, Eagle Summit Van Wagon)
  • Mitsubishi Starion (1982 - 1990)
  • Mitsubishi Strada (1991 - Current)
  • Mitsubishi Tredia (1982 - 1990)

Engines

  • Gasoline Engine
  • Diesel Engine (plus to Industrial Engine)
  • Gas Engine
See List of Mitsubishi engines for a complete listing of Mitsubishi engines.

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Source: http://www.mitsubishi-motors.com/corporate/ir/stockinfo/e/index.html (As of 31 Sep 2004). This was later merged with Esat Telecom (now BT Ireland), although the brand partially remains as an ISP service, oceanfree.net. Capital Guardian Trust Company 0.82%. ESB has also been involved in telecommunications, as part owner of Ocean, a telecommunications company which was a joint venture with BT Group plc. 0.88%. However agreement to accomplish this has been frequently delayed. Morgan Securities, Ltd. It has been policy for some years that the ESB National Grid division, which operates the national grid, is to be separated into an independent Transmission System Operator, called Eirgrid plc.

J.P. These are to be sold to Bank of Scotland (Ireland). (Holder in Trust) 0.93%. ESB Retail operate a chain of high street electrical shops under the ShopElectric brand. The Master Trust Bank of Japan, Ltd. Today the ESB consists of several distinct divisions: ESB Power Generation is responsible for electricity generation and has 19 power stations and a wind power subsidiary; ESB International (ESBI) manages projects abroad in the electricity supply, generation and distribution markets; ESB National Grid manages the National Grid, and also transmits energy from other suppliers, including Airtricity; ESBI Computing manages large government and international information technology projects. 0.97%. The company also operates a few small wind farms throughout the country through its subsidary Hibernian Wind Energy.

Morgan Whitefriars Inc. There are additional hydro-electric schemes on the rivers Clady, Erne, Lee and Liffey. J.P. The Ardnacrusha hydro-electric scheme and Turlough Hill pumped storage scheme are the most significant renewable energy plants. The Mitsubishi Trust and Banking Corporation 1.45%. Much of the peat is supplied by Bord na Móna while Bord Gáis supplies gas via its network. 1.63%. Moneypoint and Poolbeg are the two most significant fossil fuel power stations — their combined capacity accounts for over a third of total capacity.

The Bank of Tokyo-Mitsubishi, Ltd. Most of the ESB's generation capacity relies on peat, coal, oil, and wind generation. DaimlerChrysler MMC Beteiligungsgesellschaft mbH 1.83%. Later there was a proposal to build a nuclear power plant at Carnsore Point, and preparatory work was carried out, but these never resulted in an operational plant, owing to widespread public opposition. 1.89%. Although Ireland has no nuclear power plants, an Act of the Oireachtas in 1971 created the Nuclear Energy Board. Phoenix Capital Partners III Co., Ltd. Domestic equipment followed the UK British Standards for the most part with very few exceptions, perhaps the only one being that Irish bathrooms generally do not have cord-operated lights but rather a traditional light switch outside.

Morgan Whitefriars Equity Derivative 2.22%. The Shannon Scheme was the start of the ESB's reliance on German electro-technology, especially for plant, in particular Siemens and the associated 220 volt supply. Japan Securities Finance Co., Ltd 2.85%. It should also be remembered that workers of the company may be "on call" after hours, weekends and at holidays because of the unpredictability of emergencies. Mitsubishi Corporation 2.92%. National surveys show, in line with other similar semi-state sector workers, that wages are above the national average - one recent survey [1] showed that the average salary costs are twice the national average. 5.67%. The last major strike was in 1991, though strike action had been threatened as recently as February 2005 and often at times of industrial dispute.

Phoenix Capital Partners II Co., Ltd. The company is heavily unionised with the Technical, Engineering and Electrical Union (TEEU) being one of the largest unions in the company. 8.30 %. The ESB is one of the largest companies in Ireland and employs over 8,500 people, it is 5% owned by its workers - this ownership is know as ESB ESOP (Employee Stock Ownership Plan) Trustee Limited. Mitsubishi Heavy Industries, Ltd. Existing staff are to be offered positions as bank tellers. 9.06%. On 16 March 2005, the ESB announced that it is to sell its ShopElectric (ESB Retail) chain of shops, with the exception of the Dublin Fleet Street and Cork city centre outlets, to Bank of Scotland (Ireland), who will convert them into high street banks.

Phoenix Capital Partners IV Co., Ltd. Business users have already been able to choose their electricity supplier for some years. 11.33%. Under European Union legislation, the Irish electricity market is to be opened to full competition for domestic users in 2005. Phoenix Capital Partners I Co., Ltd. The ESB had a monopoly in the Irish electricity market for the best part of a century. DaimlerChrysler AG 18.88%. Some islands are still powered by small diesel-run power stations.

The car has been well-received in the press and by the public, but its staying power and implications for the company as a whole remain to be seen. On 8 September 2003, two of the last remaining places in Ireland unconnected to the national grid - Inishturbot and Inishturk (County Galway) islands (off the coast of Galway)- were finally connected to the mains supply. These rumors proved unfounded, as evidenced by the debut of a fourth-generation Eclipse. In 1991, the ESB established the ESB Archive to store historical documents relating to the company and its impact on Irish life. In January 2005, there were rumours that Mitsubishi might withdraw from the United States. In 2002 and 2003, new independent stations were constructed - Huntstown Power (north Dublin) and Dublin Bay Power (Ringsend, Dublin). At this point however, this plan has not been put into action. The latter, in County Clare, remains Ireland's only coal-burning plant and can produce about 910 MW - just shy of the 1015 MW capacity of Poolbeg.

Currently, Phoenix Capital has announced intentions to purchase a larger percent of Mitsubishi stock and turn the company into an exclusive manufacturer of sports cars and trucks/SUVs. This new demand was to be met by the construction of the country's two largest power stations — Poolbeg in 1971 and Moneypoint in 1979. With the introduction of a newer Lancer that figure may increase. The 1970s brought about a continued increase in Ireland's industrialisation and with it, a greater demand for energy. While Russia is still a developing market, Mitsubishi's sales there have already exceeded previous-year sales, and 2005 sales are expected to increase over 70%. The station can store up to 292 MW of power - making it technically the fifth largest source of energy during the day in Ireland. Despite this trend is Mitsubishi has seen remarkable growth in Russia. This station, located in County Wicklow, pumps water uphill at night with the excess energy created by other stations, and releases it downhill during the day to turn turbines.

Similarly, the launch of a new Galant, sold in the US from 2003, was staged over years rather than months, and as of mid-2005 it still has not replaced the mid-1990s model in many nations. Aware of the substantial waste of night-time capacity, the ESB commissioned the Turlough Hill pumped storage hydro-electric station in 1968. Until then, MMC's Thai plant was still producing its predecessor for both domestic and export markets. As in most countries, energy consumption is low at night and high during the day. Although a new Lancer (Lancer Cedia) was available in Japan and the US from around 2000, it failed to introduce this model in many other nations until 2004. The two stations have been replaced by new peat-fired stations near the same locations, and peat also used to power the independent Edenderry Power plant, in County Offaly. In other countries, MMC's product launches have been absymal. It is located in County Offaly.

Mitsubishi has also been active in OEM production of cars for Nissan, and has just (July 2005) announced a partnership with PSA Peugeot Citroën to manufacture an SUV. In 1965 the Shannonbridge station was commissioned. It will, however, get a version of the Dodge Dakota pickup truck, and will continue work with DC on future small cars. Located in County Longford, the plant burns peat, cut by Bord na Móna in the bogs of the Irish Midlands. In August, 2004, Mitsubishi announced that it would not continue with a plan to have DaimlerChrysler produce a minivan for it. Because risks of becoming dependent on imported fuel sources and the potential for harvesting and utilising indiginous peat, the ESB - in partnership with Bord na Móna - established those stations and ESB also built Lanesboro power station in 1958. In July, 2004, Mitsubishi announced that it would immediately cancel the slow-selling Diamante, Lancer Sportback station wagon, Montero Sport, and (in 2005) the Montero in the US market, and would scale back purchase projections for the Mitsubishi/Hyundai/Chrysler Global Engine Manufacturing Alliance engines. Other power stations built around this time included the peat fired stations at Portarlington, County Laois, and Allenwood in County Kildare.

At the end of the 3rd qurater, the half year result between April to Sept 2004 showed the company suffered net loss of over 146 billion yen during the period. The original station consisted of one 12.5 MW steam turbine that was originally purchased for a power station at Portarlington but instead used at North Wall. The announcement followed by massive recalls of over half a million vehicle. In 1947, the ESB, needing ever more generation capacity, built the North Wall station on a 7.5 acre (30,000 m²) site in Dublin's industrial Port area on the North side of the River Liffey on the site of an old oil refinery. By that time, the company had $9 billion debt, with $1.9 billion loss in for the fiscal year ended March 31. The process was greatly helped in 1955 by the Electricity Supply Amendment Act, 1955. Among the 30 defects, 4 had publicized in 2000. The Rural Electrification Scheme has been described as "the Quiet Revolution" because of the major socio-economic change it brought about.

In June, 2004, Mitsubishi Motors admitted it had systematically covered up auto defects for 25 years. Between 1946 and 1979, the ESB connected in excess of 420,000 customers in rural Ireland. However, the company showed marginal year-on-year improvement as of June 2005, indicating that the company's slump may be bottoming out, or even a possible return to form. With Ireland's towns and cities benefiting from electricity, the new government pushed the idea of Rural Electrification. Mitsubishi's sales in the important US market dropped more than 45 per cent between 2003 and 2004, and the company has fallen behind Mazda in terms of total US sales. Many of these plants are still in operation — however their combined capacity falls far short of Ireland's modern needs. DaimlerChrysler has refused to buy more Mitsubishi stock than it already has, and the company is scrambling to develop more cars to both retake the youth market and compete in the mainstream market against companies such as Toyota and Honda. All these new plants were completed by 1949, and together harnessed approximately 75% of Ireland's inland water power potential.

Mitsubishi is also facing accusations of actively searching for the names of drivers who race their Lancer Evolutions in order to void their warranties (car companies usually void warranties if they find out the customer has raced the vehicle, legitimately or not). The plans called for stations at Poulaphouca, Golden Falls, Leixlip (all in Leinster), Clady, Cliff and Cathleen's Fall (between Belleek and Ballyshannon in County Donegal), Carrigadrohid and Inniscarra (in County Cork). Mitsubishi Motor's parent company is dealing with multiple controversies over unfair business practices, the quality of its products, and the mistreatment of employees (for more details, see Mitsubishi article). By 1937, plans were being finalised for the construction of several more hydro-electric plants. Ironically, the US youth market aided in the company's economic misfortunes because young buyers would default on their car loans, especially on expensive sports cars like the Eclipse and GTO. The scheme was Ireland's first electricity plant - and at the time, it was believed that it would meet the total energy demands of Ireland, which proved to be an erroneus judgement. With the exception of the Lancer Evolution rally homologation car and Endeavor SUV, sales have dropped drastically, especially in the critical US 18–35 youth market the company once had a hold of. The ESB was established by the fledgling Irish Free State government under the Electricity (Supply) Act, 1927 to manage Ireland's electricity supply after the successful Shannon Scheme at Ardnacrusha.

Mitsubishi has recently fallen on hard economic times. . Mitsubishi has also exported car platform designs and manufacturing know-how to Hyundai in South Korea and Proton in Malaysia. The ESB currently has three interconnectors with Northern Ireland Electricity and the Irish Government has recently approved the construction of a subsea East-West Interconnector between Ireland and Wales. In the late 1980s, the Eagle brand was used for some Mitsubishi products in the US. The Electricity Supply Board (ESB) (Bord Soláthair an Leictreachais in Irish), sometimes called ESB Ireland to differentiate it from US utilities, is responsible for generating most of the electricity in the Republic of Ireland. In some countries, Colt was used as the marque.

Many of Mitsubishi's early exports bore Chrysler brands such as Chrysler Valiant (in Australia), Dodge and Plymouth. That began changing in the United States in 1982. For many years, Mitsubishi did not sell in North America under its own brand. Some Chrysler cars use Mitsubishi componentry, but have been gravitating toward more use of Mercedes-Benz componentry, which is considered superior.

Mitsubishi has been engaged in a long-term venture with Chrysler (now DaimlerChrysler), assembling a series of cars and trucks for Chrysler brands since the 1970s. . Mitsubishis are manufactured globally and exported into most major markets, including the Far East, Europe, and the U.S.. Mitsubishi Motors Corporation (in Japanese: 三菱自動車工業株式会社, in romaji Mitsubishi Jidōsha Kōgyō Kabushiki Kaisha) (TYO: 7211) is a Japanese automobile company, manufacturing an extensive range of cars and trucks (see Fuso).

Gas Engine. Diesel Engine (plus to Industrial Engine). Gasoline Engine. Mitsubishi Tredia (1982 - 1990).

Mitsubishi Strada (1991 - Current). Mitsubishi Starion (1982 - 1990). Mitsubishi Space Star & Expo, Chariot (from Hyundai Santamo, Kia Carstar and Plymouth Colt Vista, Eagle Summit Van Wagon). Mitsubishi Space gear (from Hyundai Starex, 1994 - Current).

Mitsubishi Sapporo (from, Plymouth Sapporo, 1976 - 1983). Mitsubishi RVR (1991 - Current). Mitsubishi Raider (2005 - Current). Mitsubishi Proudia (from Hyundai Equus, 1997 - 2004).

Mitsubishi Precis (from Hyundai Excel, 1986 - 1994). Mitsubishi Pajero Mini (1994 - Current). Mitsubishi Pajero Sport/Montero Sport/Challenger (1996 - 2004). Mitsubishi Pajero/Montero (from Hyundai Galloper, 1982 - Current).

Mitsubishi Outlander (2003 - Current). Mitsubishi Nimbus (1983 - Current). Mitsubishi Mirage (1978 - 2001). Mitsubishi Minicab (1966 - Current).

Mitsubishi Minica (1962 - Current). Mitsubishi Mighty Max (1982 - 1996). Mitsubishi Magna. Mitsubishi L200 (1987 - Current).

Mitsubishi Lancer Evolution (1992 - Current). Mitsubishi Lancer (1973 - Current). Mitsubishi GTO (1990 - 1998). Mitsubishi Grandis.

Mitsubishi Galant (from also USA & Canada manufacturing make to 1982, 1969 - Current). Mitsubishi FTO (1994 - 2000). Mitsubishi Forte (1970 - 1986). Mitsubishi Endeavor (2004 - Current).

Mitsubishi eK (a Keicar). Mitsubishi Eclipse (1989 - Current). Mitsubishi Dion (2000 - Current). Mitsubishi Diamante (1990 - 2004).

Mitsubishi Delica & Wagon Van, Colt Van (from Hyundai Grace and Hyundai Porter, 1968 - Current). Mitsubishi Debonair (from Hyundai Grandeur, 1964 - 1999). Mitsubishi Colt (from Dodge Colt and Plymouth Champ, 1965 - 1994). Mitsubishi Cordia (1982 - 1990).

Mitsubishi Carisma (1995 - Current). Mitsubishi Airtrek (2001 - Current). Stuttgart Germany, London UK and Other Europe manufacturing systems. In Europe

    .

    Tonsley Park, Adelaide Mitsubishi Motors Australia Limited. In Australia

      . also to Canada manufacturing systems.(formerly shared with DaimlerChrysler, but no longer as of January 2005). Normal, Illinois Passenger Car, Recration Vehicle and Commercial Vehicle(Truck) manufacturer.

      In the USA

        . Shiga 滋賀 (Shiga). Kyoto 京都 (Kyoto). Mizushima 水島 (Okayama).

        Okazaki 岡崎 and Oe 大江 (Nagoya) (Aichi). In Japan

          . Cypress (California (USA)) Design. Illinois (USA) Research.

          Trebur (Hessen (Germany)) Research. Worldwide

            . Tama 多摩 (Tokyo) Design. Shinagawa 品川 and Tamachi 田町 (Tokyo) Headquarters.

            In Japan

              .