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Following the end of
WWII, the Allied Forces in Japan demanded the dissolution of the zaibatsu that
had held so much power in the prewar period. Despite the fact Mitsubishi had
become a publicly traded company in 1946 with nearly half of its stock already
owned by private investors, it was not immune to this dictate. The company disbanded
its headquarters and its network of affiliated and subsidiary companies, ending
nearly 70 years of ownership by the Iwasaki family. No longer was Mitsubishi
authorized to use its trade names or logos for any purposes.
The outbreak of the Korean War in 1950, followed
by the San Francisco Peace Accord in 1952, brought about the abolition of the
ban on corporate activities and resulted in a sharp upturn in industrial production
in Japan. With this change of events, Mitsubishi once again began to team with
former group member companies to meet the output demands for rebuilding Japan’s
economy. In 1954, Mitsubishi Corporation, which had been obliged to operate as
well over a hundred minor trading companies, conducted a series of mergers leading
to an overall merger into a single entity. |
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The typhoon Isewan struck
the Kii peninsula on September 26, 1959, killing more than 5,000 and injuring
over 40,000 Japanese citizens, and becoming Japan’s most destructive typhoon
in more than a century. In the wake of this natural disaster, the Japanese government
moved to create weather warning facilities, establishing a weather observatory
on the summit of Mt. Fuji and ushering in a new era of meteorological observation
systems and installation development throughout the country. Mitsubishi Electric
Corporation received the order to build the facility.
On August 15, 1964, construction of the radar
towers atop Mt. Fuji was completed, establishing Japan’s first early-warning
weather system. The range of the new facility was 800 kilometers. Over the next
35 years, weather satellites continued to expand the range and detail of Japan’s
early-warning systems.
In 2000, Mitsubishi was recognized by the
Institute of Electrical and Electronics Engineers, Inc. (IEEE) for its technical
expertise in the area of electronic communications technology. |
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In 1964, Mitsubishi Heavy
Industries(MHI) completed the reunification of its former companies and in September
of the same year established the Mitsubishi Public Affairs Committee, with an
aim to increasing its involvement in community activities and its contribution
to society overall. The move was also designed to increase public recognition
for the Mitsubishi brand and to enhance communication between the growing numbers
of companies comprising the Mitsubishi Group. With the opening of the Tokyo Olympics
in October 1964, Japan officially rejoined the world community, setting in motion
its rapid movement towards restoration and economic development as a world class
economic power. |
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During the 1960s, enterprises
closely aligned with the company began a process of mergers and stock sharing
that resulted in the reunification of the post-war Mitsubishi Group. At the same
time, Mitsubishi took a positive approach to foreign capital. For example, Mitsubishi
Petrochemical was established in 1956 via a joint venture with Royal Dutch Shell;
Mitsubishi Reynolds Aluminum and Mitsubishi Precision were formed in 1962 via
joint ventures with Reynolds Metals and General Precision, respectively. Caterpillar
Mitsubishi was established in 1963.
The rapid growth of the Japanese economy
during the 1950s and 60s was due in no small part to the astounding growth in
the manufacture of consumer products and the expansion of consumer markets. Following
close behind was growth in credit card businesses, of which Mitsubishi was a
key player, organizing Diamond Credit (currently Mitsubishi UFJ NICOS) in 1967.
In 1961, Mitsubishi Corporation, Kirin Brewery and Mitsubishi Heavy Industries
established Coca-Cola bottling companies in several locations in Japan. |
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