TOKYO, May 24 (Bernama-BUSINESS WIRE) — Mitsubishi Electric Corporation (TOKYO: 6503) announced today that it will acquire an 80% stake in Fuji Bakelite Vietnam Co., Ltd. in outskirts of Hanoi, a subsidiary of Fuji Bakelite Co., Ltd. in Okayama Prefecture, Japan. The new joint venture (JV) company, to be named Mitsubishi Electric FP Automation Vietnam Co., Ltd., will be established on June 1 and will begin production of air circuit breakers from January 2025, in addition to the current company’s existing line of small low-voltage circuit breakers.
Fuji Bakelite Vietnam, which has been in operation since 2014, manufactures small low-voltage circuit breakers for Mitsubishi Electric’s Fukuyama Works in Hiroshima Prefecture. The new JV will leverage Fuji Bakelite Vietnam’s skilled workforce and expertise in manufacturing and quality control in Vietnam in its manufacturing operations.