International Elevator and Equipment Inc., an affiliate of Mitsubishi Electric, expects sales to rise 15 percent for the year starting April 1 due to the sustained growth of the local infrastructure and construction sector.
Company president Ramoncito Ocampo said sales of the company had been growing by lower double digits in the past 10 years.
“We also want to maintain our market share in the Philippines as well as the Asian region. In the short term, the company will be introducing new product line that will help us grow as a complete construction supplier,” Ocampo said in a briefing Monday.
Mitsubishi Electric has the biggest market share in the elevator sector in Southeast Asia with a 35 percent to 40 percent share. It also dominates the Philippine market with 40 percent market leadership.