Mitsubishi Electric to Transfer Distribution Transformer Business to Hitachi Industrial Equipment Systems [Yahoo! Finance]
MITSUBISHI ELEC UNSP/ADR (MIELY)
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mitsubishielectric.com/company/ir/index.html
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Source: Yahoo! Finance
Takeuchi; hereinafter "Hitachi Industrial Equipment Systems") and Mitsubishi Electric Corporation (Head Office: Chiyoda-ku, Tokyo; President & CEO: Kei Uruma; hereinafter "Mitsubishi Electric") today announced that they have agreed to transfer the distribution transformer business of Mitsubishi Electric's Nagoya Works, which develops and manufactures factory automation (FA) equipment, to Hitachi Industrial Equipment Systems and integrate their businesses (hereinafter "Business Transfer"). After obtaining approval from the relevant authorities, assets and other items related to the distribution transformer business (development, design, manufacturing, sales, and maintenance) at Mitsubishi Electric's Nagoya Works will be transferred to Hitachi Industrial Equipment Systems in stages beginning in October 2024, with completion scheduled for April 1, 2026. The Business Transfer does not include the transformers manufactured at Mitsubishi Electric's Transmission & Distribution Systems Center
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