Japan's Mitachi to set up Malaysia unit for chip sale, services
KUALA LUMPUR, NNA - Mitachi Co. plans to set up a subsidiary in Malaysia in February to sell semiconductors and other electronic components and to offer electronic manufacturing services, the Japanese electronic parts company said.
The company will turn its local office into Mitachi International (Malaysia) Sdn. Bhd., a wholly-owned subsidiary with a capital of 1 million ringgit ($240,000), to cater to customer demand in Malaysia's electronics market, according to a news release Friday.
The unit in Subang Jaya in the western coastal state of Selangor neighboring the capital will have an initial staff of three and will try to expand sales to Japanese and local manufacturers, the news release says.
The Nagoya-based company set up in 1976 has engaged in business in Southeast Asia since the 1990s. Aside from Malaysia, it currently has bases in Thailand, Indonesia and the Philippines in Southeast Asia.
In the year that ended in May 2020, Mitachi posted group sales of 33.9 billion yen ($323 million), down 12.1 percent from the previous year, and group net profit of 496 million yen, down 48.9 percent.
Its sales from domestic businesses were 23.3 billion yen, down 10.0 percent, and those from overseas businesses were 10.6 billion yen, down 16.4 percent. (NNA/Kyodo)