Mitsubishi Electric Announces Name Of New Subsidiary

On November 11, Mitsubishi Electric Corp. announced Mitsubishi Electric Building Solutions Corp. as the name of its Building Systems business and assets subsidiary, which includes the manufacture and sales of elevators and escalators. The move follows Mitsubishi Electric’s October announcement that it is transferring Building Systems to the subsidiary, previously known as Mitsubishi Electric Building Techno-Service Co., Ltd. The subsidiary is one of the Tokyo-headquartered company’s key growth areas. Previously announced details of the new subsidiary, such as head office and representative, are still to be determined. Scheduled to become effective on April 1, 2022, the restructuring known as a “simplified absorption company split” does not require shareholder approval.