Mitsubishi Motors Corporation is now the majortiy shareholder in local component producer Asian Transmission Corporation (ATC) after acquiring 90% of its shares from Mitsubishi Motors Philippines Corporation and Sojitz Corporation.
ATC supplies transmissions and engines for vehicles, mainly to MMPC and other manufacturers in the ASEAN region.
With MMC's acquisition of ATC, the carmaker will move to enhance the management of its component production business and utilize this advantage in the ASEAN region by producing newly developed transmissions "exclusively at ATC starting from September this year."
ATC was established in January 1973. It currently has 518 employees with its headquarters located in Calamba, Laguna.
MMC's latest acquisiton comes just a few months after the company revealed it had bought the former manufacturing plant of Ford Philippines in Santa Rosa, Laguna.