Mitsubishi Electric's Swedish Subsidiary to Acquire Norwegian Elevator Distributor UNIHEIS

TOKYO, Apr 28, 2023 - (JCN Newswire) - Mitsubishi Electric Corporation (TOKYO: 6503) announced that Motum AB, a wholly owned Stockholm-based subsidiary, formally agreed to acquire Oslo-based UNIHEIS AS, which operates an elevator business in Norway as a distributor of Mitsubishi Electric products. Mitsubishi Electric and Mitsubishi Electric Building Solutions (MEBS), which is responsible for the Group's building systems business, aim to expand the European market, where demand for maintenance and the renewal of elevators and escalators is expected to increase.

Mitsubishi Electric identified the building systems business as a key growth areas in its medium-term growth plan, through 2025. MEBS, established in April 2022, is scaling up its business to supply product and services which cover the elevator and escalator business from manufacturing to maintenance and renewal. In the global elevator and escalator business, particularly in Europe, a mature market in which maintenance and renewal are expected to grow due to aging equipment and rising environmental awareness, Mitsubishi Electric is building a system that allows it to rapidly provide value to customers.

UNIHEIS has been engaged in the sales and installation of new elevators and maintenance as a Mitsubishi Electric distributor since 1985, covering the Nordic region, including Norway and Denmark. Acquiring and unifying UNIHEIS management with Motum AB follows a series of measures aimed to strengthen the elevator and escalator business in Europe. Mitsubishi Electric and MEBS will expand their business with Motum by making optimal use of UNIHEIS' competences and expertise in the sales, installation and maintenance of Mitsubishi Electric elevators.

About UNIHEIS AS
- Established: 1985
- Location: Oslo, Norway
- Website: http://www.uniheis.no/Hoved.htm
- Employees: 8 (As of March 31, 2023)
- Business: Sales, installation and maintenance of elevators, primarily in Norway

About Motum AB
- Established: 2013
- Location: Stockholm, Sweden
- Website: https://motum.se/
- Employees: Approximately 370 (As of March 31, 2023)
- Business: Sales, installation, maintenance and modernization of elevators and automatic doors, primarily in Sweden

About Mitsubishi Electric Corporation
With more than 100 years of experience in providing reliable, high-quality products, Mitsubishi Electric Corporation (TOKYO: 6503) is a recognized world leader in the manufacture, marketing and sales of electrical and electronic equipment used in information processing and communications, space development and satellite communications, consumer electronics, industrial technology, energy, transportation and building equipment. Mitsubishi Electric enriches society with technology in the spirit of "Changes for the Better." The company had revenue of 5,003.6 bil yen (US$ 37.3 bil) in the year ended March 31, 2023. For more information, please visit www.MitsubishiElectric.com.
*The US$ conversion at 134 yen/US$1 follows the rate on the Tokyo Foreign Exchange Market on March 31, 2023.

About Mitsubishi Electric Building Solutions (MEBS)
Mitsubishi Electric Building Solutions Corporation (MEBS), a consolidated subsidiary of Mitsubishi Electric Corporation, was established in April 2022 through a merger of Mitsubishi Electric's building systems business and Mitsubishi Electric Building Techno-Service Co., Ltd. With a global presence in 96 countries, MEBS is engaged in the development, manufacture, sales, installation, maintenance and repair of elevators and escalators with wide-ranging building management systems and solutions, refrigeration systems and air conditioners, and advanced digital technology. MEBS regards its mission as enriching people's lives in buildings and urban spaces, goals realized by its "people" and its "technology". For more information, please visit https://www.meltec.co.jp/en/

Customer Inquiries:
Global Business Development Group
Strategic Planning Office (LBS), Mitsubishi Electric Corporation, www.MitsubishiElectric.com

Media Inquiries:
Public Relations Division
Mitsubishi Electric Corporation, prd.gnews@nk.MitsubishiElectric.co.jp

Corporate Communications Division:
Mitsubishi Electric Building Solutions Corporation (MEBS), a_meltec-kouhou@meltec.co.jp
Customer Inquiries
Global Business Development Group
Strategic Planning Office (LBS)
Mitsubishi Electric Corporation
www.MitsubishiElectric.com/

Media Inquiries
Public Relations Division
Mitsubishi Electric Corporation
prd.gnews@nk.MitsubishiElectric.co.jp

Corporate Communications Division
Mitsubishi Electric Building Solutions Corporation
a_meltec-kouhou@meltec.co.jp

Copyright 2023 JCN Newswire. All rights reserved. www.jcnnewswire.com

© 2023 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.