Production at MCFE in Netherlands to be Transferred to Rocla in Quest to Optimize Production Capacity

Mitsubishi Heavy Industries, Ltd. (MHI) today announced its intention to restructure the company's forklift truck production in Europe. Under the restructuring plan, the manufacture of battery-powered forklift trucks at Mitsubishi Caterpillar Forklift Europe B.V. (MCFE) in the Netherlands will be transferred to Rocla Oyj in Finland, in which MCFE owns nearly 100% of equity. For engine-powered forklift trucks, MCFE will meet demand through imports from affiliated production plants in other parts of the world. Through the restructuring initiative, MHI aims for MCFE to further improve its operational efficiency and achieve a stabilized revenue base. The restructuring plans for the forklift truck production will be carried out after discussions with, and consent from, the concerned parties.

The planned restructuring is MHI's response to Europe's lackluster forklift market stemming from the deepening debt crisis in the eurozone and other factors. MCFE will continue to function as regional headquarters of MHI's forklift truck business in Europe and also continue handling of regional business management, marketing, sales and servicing. Rocla, a manufacturer of electric warehouse trucks and automated guided vehicles, will expand its product portfolio through the addition of a lineup of battery-powered forklift trucks - the mainstream of the European market - and pursue enhanced competitiveness through scale merit.

MCFE, a joint venture established in 1992, manufactures both engine-powered and battery-powered small-sized forklift trucks for marketing in Europe, the CIS, Africa and the Middle East. Rocla, a manufacturer of electric warehouse trucks, which was established in 1942, was acquired by MCFE in 2008.

MHI currently conducts business in forklift trucks and material handling equipment through five production bases in Japan, the U.S., Europe and China: the General Machinery & Special Vehicles Sagamihara Machinery Works in Kanagawa, Japan, which manages and oversees all activities of this business segment; Mitsubishi Caterpillar Forklift America, Inc. (MCFA) in Houston, Texas; MCFE in Almere, the Netherlands; Mitsubishi Heavy Industries Forklift (Dalian) Co., Ltd. (MFD) in Dalian, China; and Rocla in Jarvenpaa, Finland. The collective production capacity in forklift trucks and material handling vehicles now exceeds 75,000 units per year.

Through restructuring of its European production, MHI looks to evade foreign exchange risk and realize production flexibility while maintaining a structure enabling swift response to customer needs worldwide, in a quest to expand its share in the global forklift truck market.

About Mitsubishi Heavy Industries

Mitsubishi Heavy Industries, Ltd. , headquartered in Tokyo, Japan, is one of the world's leading heavy machinery manufacturers, with consolidated sales of 2,903.7 billion yen in fiscal 2010, the year ended March 31, 2011. MHI's diverse lineup of products and services encompasses shipbuilding, power plants, chemical plants, environmental equipment, steel structures, industrial and general machinery, aircraft, space rocketry and air-conditioning systems.