TOKYO--(BUSINESS WIRE)--Mitsubishi Electric Corporation (TOKYO:6503) announced today that it has signed an agreement to acquire a 49-percent share in MEDCOM Sp. Z.o.o., a Polish manufacturer of railcar electrical equipment. The capital alliance with MEDCOM will allow Mitsubishi Electric to strengthen production, sales and after-sales services of its railcar electrical equipment business in Europe. The share purchase transaction is subject to permission by the Polish anti-trust authority.
MEDCOM is known for production, sales and after-sales services of railcar electrical equipment such as auxiliary power supplies and traction inverters mainly in Eastern Europe, with an especially favorable reputation in Poland. The company provides small and light-weight products, backed by its high level of reliability and technological expertise in power electronics.
By strengthening its partnership with MEDCOM through the capital alliance, Mitsubishi Electric will further improve product competitiveness by integrating advanced technologies belonging to the two companies, including silicon carbide power device applications. The company also intends to increase its market share in Europe by having both companies utilize each other’s sales channels. Through such enhancements, Mitsubishi Electric will aim to increase its annual transportation systems sales in the European market to 20 billion yen, or approximately US$ 174 million, by March 2021.
Europe is the world’s largest market in the railway industry, with steady growth expected to continue. Aiming to expand its local network in order to grow its transportation systems business in this major market, in April 2014 Mitsubishi Electric established a new company called Mitsubishi Electric Klimat Transportation Systems S.p.A. through the incorporation of an Italian railcar HVAC manufacturer, and also inaugurated the Transportation Systems Division within its European sales company Mitsubishi Electric Europe.
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About MEDCOM Sp. Z.o.o. |
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| Company name | MEDCOM Sp. Z.o.o. | |
| CEO | Marek Niewiadomski | |
| Headquarters | Warsaw, Poland | |
| Capital | 1 million Polish zlotys, or approximately US$ 270,000 | |
| Established | 1988 | |
| Number of employees | Over 200 | |
| Annual sales | 242 million Polish zlotys, or approximately US$ 65 million in 2014 | |
| Business | Production, sales and after-sales services of auxiliary power supply and traction inverter for railcars, etc. | |
About Mitsubishi Electric Corporation
With
over 90 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.
Embracing the spirit of its corporate statement, Changes for the Better,
and its environmental statement, Eco Changes, Mitsubishi Electric
endeavors to be a global, leading green company, enriching society with
technology. The company recorded consolidated group sales of 4,323.0
billion yen (US$ 36.0 billion*) in the fiscal year ended March 31, 2015.
For more information visit:
http://www.MitsubishiElectric.com
*At
an exchange rate of 120 yen to the US dollar, the rate given by the
Tokyo Foreign Exchange Market on March 31, 2015
