Foundation: 1873
Headquarters: Chiyoda Ward, Tokyo
President and CEO: Takehiko Kakiuchi
Executive Summary: Mitsubishi Corporation is Japan’s largest trading company. It has seven business segments, including finance, banking, energy, machinery, chemicals, and food. The original Mitsubishi Commercial Company was formed in 1873 by Yataro Iwasaki. The company grew to become Japan’s largest shipping firm. The company diversified into mining, finance, warehousing, shipbuilding, real estate, and banking. Mitsubishi was a large supplier for the prewar and wartime military, and it manufactured many warships as well as the Zero fighter airplane. The current Mitsubishi Corporation can be traced back to Japan’s loss in the Pacific War. The General Headquarters (GHQ) of the Supreme Commander for the Allied Powers ordered all large family-owned conglomerates to disband. Although there was some initial pushback, the Mitsubishi Shoji disbanded in 1947. New ventures followed this from former employees. GHQ regulations prohibited more than two former Mitsubishi employees who worked as department managers or higher from working together at these new businesses. After some time, more than a hundred companies were formed, but due to harsh economic conditions many failed or were absorbed by other companies. By 1952, four main companies emerged. After a four-company merger on July 1, 1954, the new Mitsubishi Shoji was formed. This company sought to revitalize Japan’s economy by supporting exports and establishing overseas offices. Shipping exports from Japan tripled, in part due to Mitsubishi’s efforts. During this period of growth, Showa Yokkaichi Sekiyu, a Mitsubishi joint venture with Shell, was launched, which secured the rights to import crude oil for refining. With this development, Mitsubishi became the first company in Japan with a foothold in the field of primary distribution. A year later, the Mitsubishi Shoji teamed up with Mitsubishi Chemicals to invest in the Atacama Mine in Chile, supporting its economy and securing resources for Japan. In 1968, as the company continued to grow, it committed to investing in Brunei to develop liquified natural gas (LNG). Mitsubishi expanded its investment and development business launching iron ore and metallurgical coal projects in Australia and Canada, and a salt field business in Mexico. In 1971, the company changed its official English name to Mitsubishi Corporation. The 1980s saw Mitsubishi streamline its businesses and draw up a new business plan, shifting its focus from operating transactions to profits. There was trade friction between the United States and Japan at this time, but Mitsubishi prospered boosting sales of steel plants in the United States. It also maintained power generation facilities in oil producing countries, and worked with the Saudi Arabian Petrochemical Project for the expansion of LNG. Additionally, Mitsubishi became known for its involvement in social services over the years in the five areas of global environment, public welfare, education, culture and art, and international exchange. Its annual income is in the range of US$50 billion.
