13 Nov Mitsubishi Electric’s Announcement on Acquisition of Power Device Sales Business from Powerex
Strengthening power device business in the Americas
TOKYO, November 8, 2017 – Mitsubishi Electric Corporation (TOKYO: 6503) today announced that it reached an agreement with Powerex Inc. on November 3 to acquire the Mitsubishi Electric power device sales business currently handled by Powerex, which will be taken over by Mitsubishi Electric US, Inc. within January 2018.
Mitsubishi Electric power devices are sold in Japan, Europe, the Americas, China, Southeast Asia and India. The Americas are a key region due to the projected growth of the region’s automobile market. Putting the business in the capable hands of Mitsubishi Electric US, a wholly owned subsidiary, will enable Mitsubishi Electric to focus more closely on its global customers. The specific benefits and synergies expected as a result of this new arrangement are as follows:
– Stronger customer support for global manufacturing networks based in the Americas
– Stronger collaboration and technical support for the automobile market and automobile manufacturers – Resources sharing among existing business units within Mitsubishi Electric US.
Following the acquisition, Mitsubishi Electric will continue to support Powerex’s business development as a co-owner of the company.
Read the full announcement from Mitsubishi Electric here.