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Mitsubishi Heavy expects to double defence revenue over next 3 years

Published 11/23/2023, 10:22 PM
Updated 11/23/2023, 10:25 PM
© Reuters. FILE PHOTO: Miniatures of windmill and electric pole are seen in front of Mitsubishi Heavy Industries logo in this illustration taken January 17, 2023. REUTERS/Dado Ruvic/Illustration

((This Nov. 22 story has been corrected to show that the revenue forecast is for a 3-year period after the company's clarification in the headline, paragraphs 1 and 3)

TOKYO (Reuters) - Japan's Mitsubishi Heavy Industries said on Wednesday it expects to double its defence revenue to about 1 trillion yen ($6.68 billion) over the next three years.

The increase would come partly from the expansion of facilities to build missiles and develop next-generation fighter jets, it said.

During the three-year period starting in April 2027, Mitsubishi Heavy expects annual revenue to top 1 trillion yen due to growth in the defence and space business, presentation material showed.

The Japanese government has said it plans to double spending on defence to about 2% of its gross domestic product by 2027 as regional tensions heighten.

($1 = 149.6200 yen)

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