Gulf Oil and Gas accountACCOUNT

MCO Establishes Local Subsidiary in South Korea through Joint Venture with Mitsubishi Corp.

Source: www.gulfoilandgas.com 10/1/2018, Location: Asia

Mitsubishi Heavy Industries Compressor Corporation (MCO), a group company of Mitsubishi Heavy Industries, Ltd. (MHI), has established MHI Compressor Korea, Ltd. (MCO-K), a joint venture with Mitsubishi Corporation, and began operations today. The new company aims to further cultivate the promising market in South Korea, where it has sold many compressors and drivers.

MCO-K was established in Seoul with capitalization of 900 million won (approx. 100 million yen). MCO holds a 70% share, with the remaining 30% owned by Mitsubishi Corp. The company was launched with a four-person team led by President Ryota Okada from MCO, and will be expanded going forward. MCO-K will strengthen the organizational structure by creating a central point of contact for customers in South Korea, provide closer connections and faster responsiveness to end users and EPC (Engineering, Procurement, and Construction) companies, and focus on cultivating demand for new construction as well as renovation and after-sales service.

MCO has sold over 200 compressors and drivers in the South Korean market, mainly for petrochemical plants. The ethylene and other petrochemical materials and products produced in South Korea are exported to the major consuming area of China, where firm demand is expected to continue. The new company MCO-K will be in a position to respond quickly to needs from these end users for increased production capacity, overhauls, and regular maintenance.

In addition, with South Korean EPC companies exerting a greater presence worldwide in petrochemical plant construction, MCO-K will strengthen ties to allow for cooperation from the plant planning stage.

With the launch of MCO-K, MCO will work to expand sales in South Korea, with a view to utilizing the new company to facilitate broader market development. MCO will also work in close cooperation with MHI and Mitsubishi Corp. to expand market share and strengthen the competitiveness of MCO products.

Mergers and Acquisitions News in Japan >>

Saudi Arabia >>  12/14/2018 - Saudi Aramco and Raytheon Company, through its subsidiary Raytheon Saudi Arabia, signed a Memorandum of Understanding to establish a joint venture com...
Russia >>  12/13/2018 - Alexey Miller, Chairman of the Gazprom Management Committee, had a working meeting with Vagit Alekperov, President of LUKOIL. The parties discussed cu...

Russia >>  12/13/2018 - President of LUKOIL Vagit Alekperov and Chairman of the Management Committee of Gazprom Alexey Miller discussed bilateral cooperation at a meeting. Fo...
Norway >>  12/12/2018 - Eni announces the completion of the merger of Point Resources AS and Eni Norge AS – an associate of Eni S.p.A. – resulting in the creation of Var Ener...

Norway >>  12/10/2018 - Neptune Energy has completed the integration with the former VNG Norge business. The integrated business, 'Neptune Energy Norge', will be amongst the ...
United States >>  12/5/2018 - Transocean Ltd. has completed the acquisition of Ocean Rig UDW Inc. The acquisition adds nine high-specification ultra-deepwater drillships, two harsh...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Japan Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.