April 22, 1870 – Mitsubishi is founded with 3 old steam ships
After purchasing three agin steam ships, including the Golden Age (above), Yataro Iwasaki founded Mitsubishi Group on this day in 1870 as a shipping company. Iwasaki grew his business quickly by becoming the first Japanese business to offer overseas mail delivery to China. Over the next few years competition heated up on the seas, including with government rivals, but Mitsubishi was playing several other fields ashore during this time. Aside from shipping, the company expanded into mining copper and coal, and shipbuilding. In 1893, Yataro’s son Hisaya, a graduate of University of Pennsylvania, became president of the company. He set up different divisions within the company, including banking, real estate, and marketing. Eventually, an automotive development group came about.
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