Mitsuboshi Establishes First Offshore Base in Philippine

Osaka based electric cable maker, Mitsuboshi announced on Thursday the firm established its first offshore subsidiary in Philippine to produce plastic molded products. Mitsuboshi aimed to secure young labor forces at the overseas productive base. The subsidiary is scheduled to start operation partly in June 2007 and to complete its productive equipment system by the end of September 2007.The subsidiary was established on February 19 and named Mitsuboshi Philippine Corporation, whose executive is Soichiro Tsukamoto, vice president of Mitsuboshi. The subsidiary is located in First Cavite Industrial Estate, at Langkaan, Damsmarinas City of Cavite Region with 37 employees including 2 Japanese residents. The capital investment is 16 million pesos which equals to about 40 million yen.