ead firm in the Mitsubishi constellation of companies.
It was also in 1954 when Mitsubishi Trading established Mitsubishi International in New York, a trading subsidiary that has become a leading exporter of a broad assortment of U.S. goods. In the sixties and seventies, Mitsubishi Trading exploited the increasing need of Japan for raw materials by importing minerals and fuels. The group was renamed Mitsubishi Corporation in 1871.
Many Mitsubishi companies have themselves become huge. In 1964 three of the group companies merged to form Mitsubishi Heavy Industries, and this would become Japan's leading producer of ships, power plants, heavy machinery, and aircraft. Chrysler bought 15 percent of Mitsubishi Motors in 1971, originally a Mitsubishi Heavy Industries subsidiary, and Mitsubishi Motors and Chrysler formed Diamond Star Motor to make cars in Normal, Illinois in 1985. This would lead to a successful American operation for the Japanese conglomerate.
Japanese automakers made great strides in international marketing in the period beginning in the 1960s and extending to today. Japanese automakers set up operations in Europe, the United States, and other advanced industrialized nations, opening the way for these companies to become multinational corporations. Different Japanese companies also became associated with different American manufacturers, and the Chrysler-Mitsubishi pairing was only one of this sort of agreement. However, Chrysler ran into serious difficulties at the end of the 1970s and wanted to re-evaluate this agreement, so it was decided that 1) Mitsubishi would supply Chrysler with new
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