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Thursday, March 28, 2024

Mitsubishi’s elevator unit sees 10% sales rise

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International Elevator & Equipment Inc., a unit of Mitsubishi Electric Corp. in the Philippines, expects revenues to grow 10 percent in fiscal year ending March 31, 2017 and increase to 15 percent in 2019 in anticipation of new projects coming on stream in two years.

IEEI president Ramoncito Ocampo said in a briefing Monday the Philippine subsidiary remained bullish on the local market amid the boom in the construction industry.

“Mitsubishi would like to be more competitive in the air-conditioning business. Right now, I can say we compete with all especially in the malls and hospitals as capture markets. We would really like to part of the growing construction industry,” he said.

Ocampo noted that while the company was mainly focused on the elevator segment of the business, it would market air-conditioning products as well.

International Elevator & Equipment Inc. president Ramoncito Ocampo (right) presides over a press conference during the launch of the Climaveneta Chiller Media product held at New World Hotel Makati City. With him are Shamsul Fazri Ramli (left), sales support manager of Chat Union Climaveneta Ltd.; and Itsuo Arakawa of the machinery/global environment department. Lino Santos

Mitsubishi Electric has the biggest market share in the elevator sector in  Southeast Asia with a 35 percent to 40 percent share.

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It also dominates the Philippine market with a 40-percent market leadership.

“We believe we are still the market leader in the Philippines in terms of selling elevators. Almost all companies of Mitsubishi are doing good these past years. For instance, Mitsubishi Motors (Philippines Corp.) has outpaced several automotive companies. That is because our products carry the same quality and resiliency that are dependable for many, many years,” Ocampo said.

The company announced it would soon market cooling solutions by top market Italian air-conditioner manufacturer Climaveneta S.p.A. and RC Group S.p.A. to strengthen the local positioning in the air-conditioning segment.

Mitsubishi Electric’s global acquisition of Climaveneta and RC Group in 2015 supported the company’s ambition to increase its presence globally.

“Climaveneta, being an esteemed European market leader is now under Mitsubishi brand portfolio, will help us provide more quality air-conditioning products and services to meet the demands of our customers,” said Ocampo.

The entry of Climaveneta products in the Philippine market signaled the local distribution of state-of-the art magnetic levitation oil-less water cooled and air-cooled chillers.

IEE since 1969 has handled the design, sales, installation and maintenance of Mitsubishi Electric elevators and escalators in the Philippines.

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