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Nippon Electric Company, Limited was established on July 17, 1899 - the same day that the unequal treaty was revised. W.T. Carleton, the head of the Tokyo Branch of the Western Electric Company of Illinois (WE) and Kunihiko Iwadare, the Japanese agent for WE products, led the establishment of the new company, and were assisted by others such as Takeshiro Maeda. They had been planning to establish a new company once the treaties had been revised since the previous year, and once foreigners were officially allowed to conduct economic activities in Japan based on the revision to the treaties, WE officially owned shares in the new company and participated in its management. In this way, Nippon Electric Company was established as the first foreign-affiliated company after the revision of the treaties.

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