Toshiba Mitsubishi-Electric Industrial Systems Corp (TMEIC) said Tuesday it has officially established a subsidiary in Thailand, aiming to take advantage of growing demand for photovoltaic (PV) equipment in the country.
The new entity, called TMEIC Asia (Thailand) Co Ltd, is located in the metropolis of Bangkok. Apart from selling industrial electric equipment and systems, including PV inverters, the unit will also provide engineering and other after-sales services in the country.
TMEIC, which is a joint venture between Japanese companies Toshiba Corp (TYO:6502) and Mitsubishi Electric Corp (TYO:6503), now has three subsidiaries in Southeast Asia. After setting up a base in Indonesia last year, TMEIC now eyes the Philippine and Vietnamese markets, as well.
TMEIC, which makes power electronics, rotating machinery and other equipment, was formed in 2003 when the industrial systems units of its parents were united into a single entity. The firm aims to boosts its total sales in Asia to at least USD 100 million (EUR 90.6m) in 2017.
(USD 1.0 = EUR 0.906)