Mitsubishi Electric and Mitsubishi Heavy to Integrate power-generator systems businesses

As previously announced, the two firms agreed in principle last December 26 on a plan to transfer their respective businesses focused on power-generator systems to a proposed joint-venture company, which Mitsubishi Electric and Mitsubishi Heavy Industries will both be the shareholder, effective April 1^st, 2024.

Today, the two companies have signed definitive agreements specifying the terms and conditions of integrating their power-generator systems businesses, the details of which are outlined below. Prior to the establishment of the joint-venture company, a preparatory company will be established in due course, after which the remaining details will be finalized by the three parties by around the end of December 2023.