Mitsubishi

The Mitsubishi Group (三菱グループ, Mitsubishi Gurūpu), Mitsubishi Group of Companies, or Mitsubishi Companies is a Japanese conglomerate consisting of a range of autonomous businesses which share the Mitsubishi brand, trademark and 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 29 companies are also members of the Mitsubishi Kin'yōkai, 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 established by Yataro Iwasaki (1834 — 1885) in 1870. In 1873 its name was changed to Mitsubishi Shokai (三菱商会). The name Mitsubishi (三菱) has two parts: "mitsu" meaning "three" and "bishi" meaning "water caltrop" (also called "water chestnut"), and hence "rhombus", which is reflected in the company's logo. Another translation is "three diamonds". ^[1]

The company bought into coal mining in 1881 by acquiring the Takashima mine, using the produce to fuel their extensive steamship fleet. They also diversified into 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. ^{[citation needed]}

The 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 1950, Japan's largest general trading company
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

World War II

The Mitsubishi Zero was a primary Japanese naval fighter in World War II. It was used by Imperial Japanese Navy pilots in the attack on Pearl Harbor and in kamikaze attacks until the end of the war. Allied pilots were astounded by its maneuverability, and it was very successful in combat until the Allies devised tactics to utilize their advantage in firepower and diving speed. Mitsubushi also built the "Raiden", a land-based interceptor.

As well as building prominent fighters, Mitsubishi also built many of Japan's most famous bombers of the war, such as the G3M, the G4M, the Ki-21, and the Ki-67.

Post war

Mitsubishi split itself into independent companies in 1946 under the post-war 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.

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.

As of 2007 Mitsubishi Corporation is Japan's largest general trading company sogo shosha with over 200 bases of operations in approximately 80 countries worldwide. Together with its over 500 group companies, Mitsubishi employs a multinational workforce of approximately 54,000 people. Mitsubishi has long been engaged in business with customers around the world in many industries, including energy, metals, machinery, chemicals, food and general merchandise.

Controversy

The history of Japanese forced labor has been revisited in recent years. Since 1999, almost 60 Japanese companies, that engaged in wartime forced labor, including the war era Mitsubishi group, have been sued in U.S. courts by former Allied POWs seeking unpaid wages and proper compensation for damages.

Mitsubishi has been accused of neglecting proper corporate practices from , most notably with respect to work-place discrimination, and environmental ^{[citation needed]} pollution. Niall Murtagh's book, "The Blue-Eyed Salaryman", describes both positive and negative aspects of working for Mitsubishi from a foreigner's perspective.

Mitsubishi companies

Core members

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

Related organizations

References

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External links

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