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HistoryThe first Mitsubishi company was a shipping firm that Yataro Iwasaki (1834 - 1885) established in 1870. In 1873 it took the name Mitsubishi Shokai (三菱商会). The name Mitsubishi (三菱) has two parts: "mitsu" means "three" and "bishi" means "water caltrop" (also called "water chestnut"), and hence "rhombus", which is reflected in the company's logo. Another translation is "three diamonds".[1] The company bought into coal mining in 1881 acquiring the Takashima mine, using the produce to fuel their extensive steamship fleet. They also diversified into shipbuilding, banking, insurance, warehousing, and trade. Later diversification carried the organization into such sectors as paper, steel, glass, electrical equipment, aircraft, oil, and real estate. As Mitsubishi built a broadly based conglomerate, it played a central role in the modernization of Japanese industry.[citation needed] At the start of the 20th century the company, which by itself accounted for over half of the Japanese merchant fleet, entered into a period of diversification that would eventually result in the creation of three entities:
World War II
After the warMitsubishi split itself into independent companies in 1946 under the postwar government policy of decentralizing industry. The newly independent companies used their accumulated technology and other strengths to pursue growth under separate business models. As independent corporations, the Mitsubishi companies cooperated in some ventures, as in petrochemicals and nuclear power, and competed with each other in other sectors. The Mitsubishi companies form a loose entity known as the Mitsubishi keiretsu, or Mitsubishi group. ControversyMitsubishi has been accused of neglecting proper corporate practices, most notably with respect to work-place discrimination, and environmental[citation needed] pollution. A disgruntled former employee, Kamal Sinha, has started a website called Mitsubishi Watch to report such complaints. Niall Murtagh's book, "The Blue-Eyed Salaryman", describes both positive and negative aspects of working for Mitsubishi from a foreigner's perspective. A new eraMitsubishi participated in Japan's unprecedented economic growth of the 1950s and 1960s. For example, as Japan modernized its energy and materials industries, the Mitsubishi companies created Mitsubishi Petrochemical, Mitsubishi Atomic Power Industries, Mitsubishi Liquefied Petroleum Gas, and Mitsubishi Petroleum Development. The traditional Mitsubishi emphasis on technological development was in new ventures in such fields as space development, aviation, ocean development, data communications, computers, and semiconductors. Mitsubishi companies also were active in consumer goods and services. In 1970, Mitsubishi companies established the Mitsubishi Foundation to commemorate the centennial anniversary of the founding of the first Mitsubishi company. The companies also individually maintain charitable foundations. Mitsubishi pavilions have been highlights of expositions in Japan since the historic EXPO'70 in Osaka in 1970. The Mitsubishi companiesCore members
These companies are members of the Mitsubishi Kinyokai (or Friday Club), and meet monthly. Related organizations
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