Norwegian Expansion

Mitsubishi Electric’s Swedish subsidiary acquires Norwegian elevator company ALT Heis.

submitted by Mitsubishi Electric

Aiming to further strengthen its elevator and escalator business in Europe via mergers and acquisitions (M&A), Mitsubishi Electric Corp. announced in December 2024 it acquired all shares of Norwegian elevator company ALT Heis, headquartered in Bergen, Norway, on November 29 through wholly owned subsidiary Stockholm, Sweden-based Motum.

Mitsubishi Electric and Mitsubishi Electric Building Solutions Corporation (MEBS) aim to expand their elevator maintenance business globally, and the recent acquisition follows the 2023 acquisition of UNIHEIS, headquartered in Oslo, Norway.

Through this acquisition, Mitsubishi Electric will expand its maintenance business in Norway and further strengthen its business foundation by promoting a strategy aimed at increasing the company’s elevator maintenance stock in the European market, where it anticipates continued growth in demand for maintenance and renewal.

Companies in Alignment

ALT Heis AS CEO Tomas Knutsen said:

“Our company places the highest priority on customer satisfaction and delivering high-quality services. By joining forces with Motum AB, we are confident that we will be able to strengthen the business foundation we have built up over many years, further improve the quality of our services and provide our valued customers with innovative solutions.”

Motum AB CEO Fredrik Eliasson added:

“ALT Heis’ commitment to service and customer satisfaction is in perfect alignment with Motum’s values and goals. This acquisition will bring direct benefits to our customers as it will expand the range of products and services we provide and strengthen the capabilities of our group. As a multi-subsidiary group operating in Sweden and Norway, ALT Heis’ joining the Motum family enables us to serve the market as an integrated provider across a larger geographic area.”

Executive Officer, Group President, Building Systems, Mitsubishi Electric and Representative Director, President and CEO, MEBS Iwao Oda said expanding and reinforcing the company’s European business is one of its core building systems business strategies. “Following our previous acquisition of UNIHEIS, this latest acquisition will further strengthen our position in Norway,” he said. “We will continue to actively pursue M&A strategies with the aim of achieving sustainable growth.”

In the building systems business, one of Mitsubishi Electric’s key growth businesses, MEBS, a consolidated subsidiary established in April 2022, is engaged in providing products and services and expanding its operations by making the most of its integrated system, which encompasses everything from development and manufacturing to maintenance and renewal. In the overseas elevator business, particularly in the mature European market, demand for maintenance and renewal is expected to grow against a backdrop of an increasing number of aging elevators and heightened environmental awareness, and MEBS is in the process of building a system that will make it possible for it to provide its customers with value more rapidly.

Since 2019, ALT Heis has focused on the elevator maintenance and renewal business in Bergen, Norway’s second-largest city after Oslo. With the acquisition of ALT Heis by Motum, Mitsubishi Electric will further strengthen its business foundation while promoting a strategy of expanding its elevator maintenance stock in Europe, with the aim of comprehensively extending its reach throughout the main regions in Norway where demand is concentrated.

About Mitsubishi Electric Corporation

With more than 100 years of experience in providing reliable, high-quality products, Mitsubishi Electric Corp. 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. Mitsubishi Electric enriches society with technology in the spirit of its “Changes for the Better.” The company recorded a revenue of JPY52.2 billion (US$34.8 billion) in the fiscal year ended March 31, 2024. 

About MEBS

Mitsubishi Electric Building Solutions Corp. (MEBS) is a consolidated subsidiary of Mitsubishi Electric established in April 2022 that conducts a comprehensive range of operations in the building systems business, from development and manufacturing to maintenance and renewal. As a building solutions provider, it supports economic and social infrastructure through one-stop integrated solutions that combine a wide range of building-related products and services, including elevators, escalators, air conditioning and refrigeration equipment and building systems, as well as with our extensive experience in building operation and management, and advanced digital technology. From buildings to building complexes and even entire cities, MEBS contributes to enriching human life in buildings and urban spaces by solving a wide variety of issues that are closely linked to people and society, with the ultimate aim of realizing smart cities.