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Mitsubishi Electric's Swedish Subsidiary Signs Share Transfer Agreement to Wholly Acquire Norwegian Elevator Distributor UNIHEISAiming to further strengthen the company's elevator and escalator business in Europe


TOKYO, April 28, 2023 - Mitsubishi Electric Corporation (TOKYO: 6503) announced today that Motum AB, a Sweden-based wholly-owned subsidiary of Mitsubishi Electric, formally agreed on April 27 to wholly acquire Norway-based UNIHEIS AS, which operates an elevator business mainly in Norway as a distributor of Mitsubishi Electric products. Mitsubishi Electric and Mitsubishi Electric Building Solutions Corporation (MEBS), which is responsible for Mitsubishi Electric's building systems business, aim to expand their business in the European market, where the demand for maintenance and renewal of elevators and escalators is expected to increase. Mitsubishi Electric and MEBS plan to respond to the needs of the market by strengthening the business structure through this acquisition, and providing services designed to solve their customers' problems with Motum making optimal use of UNIHEIS's expertise in handling Mitsubishi Electric elevators.

Mitsubishi Electric identified the building systems business as one of its key growth areas in its medium-term growth plan through 2025. Accordingly, MEBS, established in April 2022 to manage Mitsubishi Electric's building systems business, is scaling up its business to supply products and services by taking advantage of its strengths, which cover all aspects of 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 the demand for maintenance and renewal is expected to continue to rise 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 business of sales and installation of new elevators and maintenance as a Mitsubishi Electric distributor since 1985 in the Nordic region, primarily in Norway. The acquisition of UNIHEIS and unifying UNIHEIS's management with Motum are part of a series of measures aimed to strengthening the foundation of the elevator and escalator business in Europe. Mitsubishi Electric and MEBS will expand their business with Motum by gaining and making optimal use of UNIHEIS's assets and expertise in installation, sales and maintenance of Mitsubishi Electric elevators.


Note that the press releases are accurate at the time of publication but may be subject to change without notice.


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