RNS Number:2031K
Toshiba Corporation
21 April 2003

                                                                  April 18, 2003

FOR IMMEDIATE RELEASE



                    Mitsubishi Electric and Toshiba Announce

      Integration of Industrial Electric and Automation Systems Businesses

                 -New Joint Venture to Enhance Competitiveness

                         in Japan and the World Market-



TOKYO, April 18, 2003 Mitsubishi Electric Corporation (President and CEO:
Tamotsu Nomakuchi) and Toshiba Corporation (President and CEO: Tadashi Okamura)
today announced that they would establish a new joint venture company
integrating their businesses in industrial electric and automation systems,
including industrial supervisory control systems, drive systems and power
distribution systems. From October 1, 2003, the new company will start business
by offering customers worldwide advanced capabilities in industrial electric and
automation systems, covering industries as diverse as metal processing, pulp and
paper, petrochemicals, automobiles and foods.

The new joint venture will bring together all key functions in the partners'
respective businesses, including development, manufacturing and engineering,
sales, installation and services. It will integrate the assets of the relevant
divisions of each partner, Toshiba GE Automation Systems Corporation, a Toshiba
subsidiary in Japan, and TMA Electric Corporation, an equally owned joint
venture of Mitsubishi Electric and Toshiba for large capacity motors, ands
Toshiba GE Automation Systems Corporation, a Toshiba subsidiary in Japan. The
combined operations of the new company are expected to promote overall
competitiveness and a global presence, and to support an operating structure
that will position the new entity as a leading system integrator in industrial
electric and automation systems.

The global market outlook for industrial electric systems remains severe. In
Japan, manufacturers continue to cut back on capital investment. While overseas
markets are characterized by stable demand they are also witnessing intensified
competition. Mitsubishi Electric and Toshiba decided to integrate their
businesses to enhance competitiveness and promote their presence in the overseas
markets for industrial electric and automation systems.


This integration is expected to benefits to three key areas:

 1. Enhanced product competitiveness.

    Reorganizing development and manufacturing facilities and promoting product
    line integration will achieve this. Centralized product development
    activities will lead to faster product development. Review and realignment
    of product lines and reorganized manufacturing will improve cost
    competitiveness.

 2. Reinforced market presence.

    A reinforced market presence in both Japan and overseas will follow
    complementary customer and market integrations in Japan based on the
    partners' strengths. A more global sales network will boost visibility
    overseas.

 3. Enhanced operating efficiency.

    This will be achieved through business integration and a new management
    structure will promote speedy decision-making.

  * Reinforced market presence, both in Japan and overseas, will follow
    complementary integration of customers and markets in Japan, according to
    the partners' strengths, while a globalized sales network will boost
    overseas visibility.

  * Enhanced operating efficiency will be achieved through business
    integration, and a new management structure will promote speedy
    decision-making.

Outline of New Company

  * Company name:                       TBA
  * Start of operations:                October 1, 2003
  * Capitalization and capital reserve: Approximately 35 billion yen (planned)
  * Shareholding:                       Toshiba 50%, Mitsubishi Electric 50%
  * President:                          TBA
  * Headquarters:                       Tokyo, Japan (planned)
  * Business area:                      1) Sales, engineering, installation and 
                                        servicing of industrial electric
                                        and automation systems for wide range of
                                        industrial manufacturing plants.
                                        2) Development and manufacturing of 
                                        power electronic apparatus, large 
                                        capacity electric motors and automation 
                                        systems for industrial applications.

  * Sales Target:  Approximately 160 billion yen in fiscal year 2006

  * Manufacturing Facilities: 1). Supervisory control systems for manufacturing 
    plant:                              Fuchu (part of Toshiba Fuchu Complex);
                                        Kobe and Nagasaki (parts of Mitsubishi
                                        Electric facilities)

                              2). Power electronics equipment:
                                        Fuchu (part of Toshiba Fuchu Complex);
                                        Kobe and Nagasaki (parts of Mitsubishi
                                        Electric facilities)

                              3). Large capacity electric motors:
                                        Keihin, Mie, Nagasaki (currently handled
                                        by TMA Electric Corporation)

  * Employees:  Approximately 2,300 (at initial operation)


About Mitsubishi Electric Corporation

With over 80 years of experience in providing reliable, high-quality products to
both corporate clients and general consumers all over the world, Mitsubishi
Electric Corporation (TSE: 6503) is a recognized world leader in the
manufacture, marketing and sales of electrical and electronic equipment used in
information processing and communications, space development and satellite
communications, consumer electronics, industrial technology, energy,
transportation and building equipment. The company has operations in 35
countries and recorded consolidated group sales of 3,649 billion yen (US$27.4
billion) in the year ended March 31, 2002. For more information about Mitsubishi
Electric visit http://global.mitsubishielectric.com

About Toshiba Corporation

Toshiba Corporation, a world leader in high technology, is a diversified
manufacturer and marketer of advanced electronic and electrical products,
spanning information and communications equipment and systems, internet-based
solutions and services, electronic components and materials, power systems,
industrial and social infrastructure systems, and household appliances. The
company's integration of these wide-ranging capabilities assures its position as
a leading company in all aspects of industrial electric and automation systems.
Toshiba has 176,000 employees worldwide and annual sales of over US$40 billion.
Visit Toshiba's web site at at http://www.toshiba.co.jp/index.htm

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