By Kosaku Narioka
Mitsubishi Electric Corp. and Mitsubishi Heavy Industries Ltd. said Monday that they planned to merge their power-generator businesses in a bid to improve market competitiveness.
Mitsubishi Electric is expected to be the majority shareholder of the new combined company and Mitsubishi Heavy Industries is expected to be the minority shareholder, the companies said.
Mitsubishi Electric and Mitsubishi Heavy Industries are aiming to strengthen their market competitiveness by integrating their respective businesses and combining their technologies and assets, they said.
Efforts to achieve carbon neutrality are accelerating around the world, while electricity demand is expected to increase due to economic growth, mainly in emerging countries, and awareness of energy security has increased, they said.
Mitsubishi Electric and Mitsubishi Heavy Industries said they plan to sign a definitive agreement in late May 2023 and complete the merger of their power-generator businesses on April 1, 2024.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
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December 26, 2022 at 01:31PM
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