Tokyo, Nov 9, 2009 - (JCN Newswire) - Mitsubishi Corporation (MC) has purchased 40% of Rolf Import (RI), a Russian foreign automotive distribution company, and a subsidiary of Rolf Group of Companies (Rolf). MC has built a close working relationship with Rolf, Russia's leading automotive business group, and through collaboration with Rolf has proven results in Russia's automobile sales business over the past 17 years. The initial purchase price is 72 million US dollars with the scope of additional payments of up to 128 million US dollars contingent on the business performance results of RI.
RI has steadily expanded vehicle sales in Russia ever since the launch of MMC's dealer business in 1992. MMC's brand is highly valued for its high quality and sporty image and high-quality service. With an already established respected brand image, Mitsubishi vehicles have reached the foreign brand automotive market top 10 in terms of shares.
MC is focused on the mid-to-long term growth of Russia's automotive market, aiming to further strengthen the distribution business structure through its investment in RI.
About Mitsubishi Corporation
Mitsubishi Corporation (TSE: 8058; ADR: MSBHY) 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 Corporation employs a multinational workforce approximately 55,000 people. The Group has long been engaged in business with customers around the world in virtually every industry, including energy, metals, machinery, chemicals, food and general merchandise. Mitsubishi Corporation's commitment to social responsibility is embodied in its corporate philosophy and demonstrated through its extensive programme of cultural, environmental and educational projects worldwide. For more information, please visit www.mitsubishicorp.com .
Contact:
Mitsubishi Corporation
Telephone: +81-3-3210-2171
Facsimile: +81-3-5252-7705
Nov 9, 2009
Source: Mitsubishi Corporation
Mitsubishi Corporation (TSE: 8058) (FTSE: MBC)
From the Japan Corporate News Network
http://www.japancorp.net
Topic: Press release summary
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