Mitsubishi Electric signs share transfer agreement to acquire 100% of Swedish elevator company Motum

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Aims to further strengthen the company’s elevator and escalator business in Europe

TOKYO–(BUSINESS WIRE)–Mitsubishi Electric Corporation (TOKYO:6503) today announced that it had formally agreed on March 23 to acquire 100% of Sweden’s Motum AB, which operates a elevators and automatic doors mainly in Sweden. Through this acquisition, Mitsubishi Electric aims to strengthen its elevator and escalator maintenance and modernization capabilities in Sweden and other countries not limited to Europe.

Motum, in addition to selling and installing new lifts, also has contracts for the maintenance of more than 20,000 units as part of a multi-brand maintenance company. Formed by the merger of three Swedish elevator companies in 2013, it is now the largest independent elevator company in the Nordic region. The company also operates a multi-brand modernization business, having used its superior technology and know-how to build a leading position in the market. Going forward, Mitsubishi Electric aims to leverage Motum’s strengths to expand its business across Europe and other regions.

Elevators and escalators are one of the core businesses of Mitsubishi Electric’s medium-term growth plan through 2025. The company is striving to expand its business overseas, including in Europe, a market mature in which maintenance and renewal demands are expected to increase due to aging. equipment and strong local awareness of environmental needs. Mitsubishi Electric, in addition to meeting these needs by applying its advanced know-how, also plans to strengthen its building solutions business in Europe by increasingly integrating its own building-related products and services.

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Department of Planning and Administration

Building Systems Group

Mitsubishi Electric Corporation

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Takeyoshi Komatsu

Public Relations Division

Mitsubishi Electric Corporation

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Source: Mitsubishi Electric Corporation

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