Hitachi Transfers Home Elevators Stake to Mitsubishi Electric

Hitachi Ltd. announced it will transfer its entire stake in Mitsubishi Hitachi Home Elevator Corp. to joint venture partner Mitsubishi Electric Building Solutions Corp. with the share transfer agreement scheduled for completion during the first quarter of the fiscal year ending March 2027, StreetInsider.com reports. The joint venture, established with equal 50% ownership between the companies, operates in home elevator development, manufacturing, sales and installation. Under Hitachi's "Inspire 2027" management plan, the company stated it will concentrate elevator business resources on standard and customized models that can serve as digitalized assets. Hitachi Building Systems will continue providing support and services for existing home elevator maintenance contracts until their expiration. Mitsubishi Hitachi Home Elevator is headquartered in Mino-city, Gifu, Japan, and led by President Hiroshi Araki.