REG - Mitsubishi Elect. - Statement re (New Building System Subsidiary)

Mitsubishi ElectricAnnouncement

17/02/2022 07:30

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RNS Number : 9847B  Mitsubishi Electric Corporation  17 February 2022

 

 

 

 FOR IMMEDIATE RELEASE                          No. 3490
 Customer Inquiries                             Media Inquiries
                                                Takeyoshi Komatsu
                                                Public Relations Division
 Building Systems Group
 Mitsubishi Electric Corporation                Mitsubishi Electric Corporation
                                                Tel: +81-3-3218-2346
 BSG.Webmaster@ny.MitsubishiElectric.co.jp      prd.gnews@nk.MitsubishiElectric.co.jp
                                                (mailto:prd.gnews@nk.MitsubishiElectric.co.jp)
 www.MitsubishiElectric.com/products/building/  www.MitsubishiElectric.com/news/

 

Mitsubishi Electric Announces Details of New Building Systems Subsidiary

 

TOKYO, February 17, 2022 - Mitsubishi Electric Corporation
(http://www.mitsubishielectric.com/)  (TOKYO: 6503) announced today the
agreement execution date, location and president of Mitsubishi Electric
Building Solutions Corporation, new a subsidiary that will be established on
April 1 to manage Mitsubishi Electric's building systems management business.
The details were still undecided when Mitsubishi Electric announced that it
would integrate its building systems business under a subsidiary
(https://www.mitsubishielectric.com/news/2021/pdf/1018.pdf) following a
company split last October 18 as well as when the new company's name was
announced on November 11.

 

Other previously announced details regarding the new company remain the same,
as follow (newly announced details underlined):

Company Split Schedule

 Decision on Absorption-type Company Split by Executive Officers  October 18, 2021
 Execution of Company-split Agreement                             February 17, 2022
 Scheduled Company-split Date (Effective Date)                    April 1, 2022 (scheduled)

 

Status of Succeeding Company After Company Split

 (1) Name                 Mitsubishi Electric Building Solutions Corporation
 (2) Head Office          7-1 Yurakucho 1-Chome, Chiyoda-ku, Tokyo
 (3) Head                 Tadashi Matsumoto, President and Representative Director
 (4) Summary of Business  -   Development, manufacture, sales, installation, maintenance, repair,
                          etc., of elevators, escalators and building management systems

                          -   Sales, installation, maintenance and repair of refrigeration systems and
                          air conditioners

                          -   Comprehensive building management, including monitoring and control of
                          various building facilities, facility management, operation, and consulting
 (5) Paid-in Capital      5,000 million yen
 (6) Book Closing Date    March 31

 

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About Mitsubishi Electric Corporation

With 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 its "Changes for the Better." The company
recorded a revenue of 4,191.4 billion yen (U.S.$ 37.8 billion*) in the fiscal
year ended March 31, 2021. For more information, please visit
www.MitsubishiElectric.com

*U.S. dollar amounts are translated from yen at the rate of ¥111=U.S.$1, the
approximate rate on the Tokyo Foreign Exchange Market on March 31, 2021

 

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