Mitsubishi Electric and Mitsubishi Heavy Industries Definitively Agree to Integrate Their Power-generator Systems Businesses
TOKYO, May 29, 2023 - (JCN Newswire) - Mitsubishi Electric Corporation (TOKYO: 6503) and Mitsubishi Heavy Industries, Ltd. (TOKYO: 7011) announced today that they have reached a definitive agreement to integrate their power-generator systems businesses under a joint venture.
- TOKYO, May 29, 2023 - (JCN Newswire) - Mitsubishi Electric Corporation (TOKYO: 6503) and Mitsubishi Heavy Industries, Ltd. (TOKYO: 7011) announced today that they have reached a definitive agreement to integrate their power-generator systems businesses under a joint venture.
- As previously announced, the two firms agreed in principle last December 26 on a plan to transfer their respective businesses focused on power-generator systems to a proposed joint-venture company, which Mitsubishi Electric and Mitsubishi Heavy Industries will both be the shareholder, effective April 1, 2024.
- Today, the two companies have signed definitive agreements specifying the terms and conditions of integrating their power-generator systems businesses, the details of which are outlined below.
- Prior to the establishment of the joint-venture company, a preparatory company will be established in due course, after which the remaining details will be finalized by the three parties by around the end of December 2023.