Mitsubishi Electric Acquiring Swedish Elevator Firm Motum

Mitsubishi Electric Corp. is wholly acquiring Sweden-based Motum AB, which operates an elevator and automatic door business, mainly in Sweden, the Tokyo-based company announces. Noting that it formally agreed on the deal on March 23, Mitsubishi Electric aims to strengthen its capabilities to service and modernize elevators and escalators in Sweden and other countries not limited to Europe. Motum, in addition to selling and installing new elevators, has contracts for servicing more than 20,000 units under a multi-brand maintenance business. Established by merging three Swedish elevator companies in 2013, Motum is now the largest independent elevator company in the Nordic region. The company operates a multi-brand modernization business, having utilized 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 business throughout Europe and other regions. Motum carries about 350 workers in business sales, installation, maintenance and modernization of elevators, as well as work on automatic doors.