P.M. BRIEFING : Mitsubishi Reorganizing in U.S.
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TOKYO — Major Japanese electronic firm Mitsubishi Electric Corp. said today that it will reorganize its sales operations in the United States and launch a new finance subsidiary in a move to strengthen and boost its business in the country.
The Tokyo-based company said the move is aimed at boosting its sales in the United States to $4 billion in 1992, up 15% over $3.5 billion estimated for the current year.
Under the reorganization, effective Aug. 1, Mitsubishi Electronics America, which handles sales of color TV tubes, floppy disks and electronic devices, will absorb Mitsubishi Electric Sales America, which engages in sales of home appliances and heavy-duty electric equipment.
The new firm will be renamed Mitsubishi Electric America.
The company will move its headquarters from New York to Los Angeles, where Mitsubishi operates main production bases, the company said.
