Friday on Mitsubishi's mind

MITSUBISHI Australia’s fate as a local manufacturer could become known as soon as this Friday.

That’s the earliest headquarters in Japan could announce the multi-billion dollar revival plan pulled together by new chairman, president and CEO Yoichiro Okazaki in the wake of controlling shareholder DaimlerChrysler’s withdrawal of further funding in late April.

A bi-partisan delegation including Federal Industry Minister Ian Macfarlane and South Australian Deputy Premier and Treasurer Kevin Foley met with Mitsubishi executives including Mr Okazaki on Monday in Tokyo to set out the case for continued operation of the engine and assembly plants in Adelaide.

But neither Mr Macfarlane or Mr Foley was willing to say anything concrete to the waiting media afterwards, citing the confidential nature of the commercial discussion that took place. But both said they were “optimistic” after the meeting.

Mitsubishi Motors issued a brief statement that stated in part: “No decision on the future of MMAL has been made. Any decision on the Australian operations will have to be made within the overall context of the ongoing revitalisation of MMC, which is facing its toughest challenge ever.

"Hence, we are still investigating a various range of issues."Mitsubishi Australia president Tom Phillips was involved in Monday’s meeting, but also had lunch with Mr Okazaki on Sunday, as well as a series of other meetings.

"I was impressed with him," Mr Phillips said. "I think he has done quite a remarkable job to get the grasp of it that he has got.

"I think he will make his decisions based on the best information available."Mr Phillips told GoAuto that his visit had made him neither "less optimistic or more optimistic".

"It was a very good meeting and lots of understanding on both sides," Mr Phillips said of Monday's meeting. "Chairman Okazaki has been in the job for two weeks and ... he's been asked to put together a total global plan basically working 24 hours a day.

"Yesterday he just wasn't ready yesterday to make any firm statements. We are going to be waiting.

"They just haven't made a firm decision - or at least one they are ready to announce to the world."Japanese newspaper reports are claiming that one or both Adelaide plants will be closed, according to draft copies of the restructure plan they have obtained.

The newspapers also claim there will be cutbacks at Mitsubishi’s US plant as well as the closure of one plant in Japan that builds the Pajero SUV. Mitsubishi has accumulated debts of almost $14 million.

It has been estimated that up to 20,000 direct and indirect jobs could be lost if Mitsubishi shuts shop in Australia.