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Mitsubishi Electric to Integrate VT Division Into Subsidiary

Mitsubishi Electric Corp. will transfer its Building Systems business and assets, which include manufacture and sales of vertical-transportation (VT) equipment such as elevators and escalators, to its wholly owned subsidiary Mitsubishi Electric Building Techno-Service Co., Ltd. (MELTEC), Mitsubishi Electric announced on October 18. Building Systems is one of Mitsubishi Electric’s key growth areas, and the move will expand the scale of the business and “improve its profitability by investing management resources more intensively to drive growth.” In addition to handling elevator and escalator new installation, maintenance and replacement, MELTEC and Mitsubishi Electric aim to work toward realization of a decarbonized society by providing “new, one-stop solutions that leverage the core building facilities, field knowledge and maintenance and operation management data and knowhow accumulated by the two companies.” Scheduled to become effective on April 1, 2022, the restructuring known as a “simplified absorption company split” does not require shareholder approval. MELTEC’s new name, headquarters and leadership will be determined at a later date.

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