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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Mitsubishi Heavy Industries, Ltd.    7011   JP3900000005

MITSUBISHI HEAVY INDUSTRIES, LTD.

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Mitsubishi Heavy Industries : Engineering to Establish "Decarbonation Business Department"

11/20/2020 | 04:04am EST

TOKYO, Nov 20, 2020 - (JCN Newswire) - - On December 1, Mitsubishi Heavy Industries Engineering, Ltd. (MHIENG), a Group company of Mitsubishi Heavy Industries, Ltd. (MHI) based in Yokohama, will establish a new "Decarbonation Business Department." Creation of the new office targets further strengthening of MHIENG's world-leading business in carbon capture from gas emissions and further acceleration of new initiatives in the area of energy transition, to respond to customer needs amid global efforts to achieve carbon neutrality.

MHIENG has already made several significant contributions to carbon dioxide (CO2) recovery technology. Jointly with Kansai Electric Power Company, Inc., MHIENG has developed and improved the proprietary Kansai Mitsubishi Carbon Dioxide Recovery Process (KM CDR Process) in combination with a highly efficient amine-based solvent. Recovery systems utilizing this process are currently operating at 13 plants (thermal power, chemical, etc.) worldwide, giving MHIENG one of the world's strongest track records in this area. Meanwhile, as efforts to achieve carbon neutrality are being ramped up globally, needs are increasing in various spheres: these include flue-gas carbon capture systems not only for existing thermal power plants but also for biomass-fired power plants, steelworks, cement plants and trash incinerating plants, as well as direct air capture (DAC).

To respond to such needs, MHIENG's new Decarbonation Business Department will play a leading role in developing recovery systems more readily adoptable by customers and in expanding the range of recovery technology applications. Also, as new initiatives in the area of energy transition, using its chemical reaction technologies cultivated through its abundant experience in the chemical plants business, MHIENG will accelerate commercial viability of technologies for manufacturing clean fuels (carbon-free ammonia, hydrogen), for development and utilization of ammonia-based hydrogen manufacturing technologies, for liquefaction, storage and transport of captured carbon, and for CCUS (carbon dioxide capture, utilization and storage) involving use of carbon dioxide converted to other chemicals (methanol, etc.).

Going forward, as a core company involved in the field of energy transition - an MHI Group growth area - MHIENG will work closely with MHI and its other business companies toward achieving carbon neutrality on a global scale.

About Mitsubishi Heavy Industries, Ltd.

Mitsubishi Heavy Industries (MHI) Group (TSE: 7011; US: MHVYF) is one of the world's leading industrial firms. For more than 130 years, we have channeled big thinking into solutions that move the world forward - advancing the lives of everyone who shares our planet. We deliver innovative and integrated solutions across a wide range of industries, covering land, sea, sky and even space. MHI Group employs 80,000 people across 400 locations, operating in three business domains: "Power Systems," "Industry & Infrastructure," "Aircraft, Defense & Space." We have a consolidated revenue of around 40 billion USD. We aim to contribute to environmental sustainability while achieving global growth, using our leading-edge technologies. By bringing people and ideas together as one, we continue to pave the way to a future of shared success.

For more information, please visit MHI's website: https://www.mhi.com

For Technology, Trends and Tangents, visit MHI's new online media SPECTRA: https://spectra.mhi.com

Copyright 2020 JCN Newswire . All rights reserved.

© Japan Corporate News, source JCN Press Releases

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Financials
Sales 2021 3 685 B 35 313 M 35 313 M
Net income 2021 15 089 M 145 M 145 M
Net Debt 2021 1 330 B 12 747 M 12 747 M
P/E ratio 2021 51,4x
Yield 2021 2,40%
Capitalization 1 051 B 10 104 M 10 077 M
EV / Sales 2021 0,65x
EV / Sales 2022 0,62x
Nbr of Employees 81 631
Free-Float 91,4%
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Number of Analysts 10
Average target price 2 946,00 JPY
Last Close Price 3 129,00 JPY
Spread / Highest target 14,4%
Spread / Average Target -5,85%
Spread / Lowest Target -16,9%
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NameTitle
Seiji Izumisawa President, CEO, Director & Chief Strategy Officer
Shunichi Miyanaga Chairman
Hisato Kozawa CFO, Representative Director & Executive Officer
Michisuke Nayama Chief Technology Officer & Executive VP
Eisaku Ito CTO, Executive Officer & GM-ICT Solutions
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