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FOR IMMEDIATE RELEASE No. 3149
Mitsubishi Electric to Acquire Power Device Sales Business from Powerex
Strengthening power device business in the Americas
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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:
Following the acquisition, Mitsubishi Electric will continue to support Powerex's business development as a co-owner of the company.
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:
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Stronger customer support for global manufacturing networks based in the Americas |
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Stronger collaboration and technical support for the automobile market and automobile manufacturers |
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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.
Mitsubishi Electric US, Inc.
| Company | Mitsubishi Electric US, Inc. |
| Location | 5900-A Katella Avenue, Cypress, California 90630, U.S.A. |
| President & CEO | Mr. Keijiro Hora |
| Establishment | July 2000 |
| Business | Regional Headquarters in North America. Sales of elevators, air conditioners, photovoltaic systems, visual & imaging systems, and semiconductors. |
Powerex Inc.
| Company | Powerex,Inc. (50-50 joint venture between Mitsubishi Electric and General Electric) |
| Location | 173 Pavilion Lane Youngwood, PA 15697 U.S.A. |
| President & CEO | Mr. John Hall |
| Establishment | January 1986 |
| Business | Sales and manufacture of power devices |
Timeline of Asset Transfer
| Agreement reached | November 3 |
| Start of operation under Mitsubishi Electric US | Within January 2018 (planned) |
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