Mitsubishi acquires majority stake in ATC
MANILA, Philippines – Mitsubishi Motors Corporation (MMC) has acquired a majority stake in Asian Transmission Corporation (ATC) from Philippine distributor Mitsubishi Motors Philippines Corporation (MMPC) and Sojitz Corporation (Sojitz).
MMC now owns 90 percent of ATC, which supplies transmissions and engines for automobiles mainly to MMPC and other ASEAN countries.
ATC, led by its president Mitsutaka Kaneko, was established in 1973 and is one of the leaders in production of transmissions and engines.
It has more than 500 employees and is exporting to Japan, Thailand, Taiwan, Malaysia and Indonesia with domestic market destinations to MMPC and Isuzu Automotive Manufacturing Corporation.
By September, MMC is looking to produce newly-developed transmissions exclusively at ATC.
MMC is also planning to boost its production base in ASEAN countries in the next two years.