Mitsubishi Electric Completes Acquisition of AG MELCO Elevator
MITSUBISHI ELEC UNSP/ADR (MIELY)
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mitsubishielectric.com/company/ir/index.html
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Source: Business Wire
Will strengthen operations in the Middle East and enhance global building systems business TOKYO--(BUSINESS WIRE)--Mitsubishi Electric Corporation (TOKYO: 6503) announced today that it has completed the acquisition of all shares of AG MELCO Elevator Co. L.L.C., an affiliated elevator company based in Dubai, Emirate of Dubai, United Arab Emirates, from Rawafed Almustaqbal Group L.L.C, a 100% subsidiary of Al Ghurair Investment L.L.C., making AG MELCO Elevator a wholly owned subsidiary.Mitsubishi Electric and its Tokyo-based subsidiary Mitsubishi Electric Building Solutions Corporation are focused on strengthening their elevator maintenance and renewal business, which is expected to see increased demand in the building systems sector, one of Mitsubishi Electric’s key growth businesses.This agreement marks a significant milestone in the long-standing and mutually beneficial relationship between Mitsubishi Electric and Al Ghurair Investment, which has spanned over 50 years since the es
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