The story of Mitsubishi began in 1870, when Yataro Iwasaki founded a shipping company in Osaka with three leased steamships. In the years that followed Mitsubishi expanded to become a multinational company through acquisitions and the establishment of new enterprises in other sectors, including mining, shipbuilding, banking, commerce and property.
In 1921, Mitsubishi Electric Corporation was formed by spinning off the division for the production of electrical equipment for ships. Today Mitsubishi Electric has factories, R&D centres and sales organisations in over 120 countries worldwide.