Mitsubishi Heavy expects to double defence revenue over next 3 years
((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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