(Photo: © Motum)
May 2022
On 7 April 2022, it was announced that Mitsubishi Electric Corporation has entered into an agreement to acquire 100% of the shares in Motum AB. The deal has now been approved by the Swedish Competition Agency and has therefore been closed.
Japanese Mitsubishi Electric is a leading global provider of elevators and escalators. Through the acquisition, Mitsubishi Electric’s intention is to strengthen its capabilities in installation, modernization and service of elevators in Sweden and the rest of Europe.
"Motum will be a platform for growth for Mitsubishi Electric in the Nordics and Europe and will thus play a key role in strengthening the European elevator and escalator business, particularly within service and modernisation", says Tadashi Matsumoto, Senior Vice President and Group President of Building Systems Group of Mitsubishi Electric Corporation.
"Motum will continue to be a customer-centric provider with focus on sustainable and open systems, but we will, over time, also benefit from Mitsubishi Electric’s deep technical know-how and premium products to further improve our customer offer", stresses Fredrik Eliasson, Group CEO Motum.
Motum is Sweden’s largest independent provider of elevators and automatic doors with more than 300 employees and annual sales of some SEK 750 million. They offer elevator and automatic door solutions with open systems.
The company also has contracts for servicing more than 20,000 units under a multi-brand maintenance business. Motum is also present in Norway.
Mitsubishi Electric Corporation was founded in 1921 and is listed on the Tokyo stock exchange. Mitsubishi Electric is a leading provider of electrical and electronic equipment and generates annual sales of some USD 38 billion globally.
Mitsubishi Electric’s elevator business is part of the business area Building Systems Group. According to the company, elevators and escalators are one of the core businesses in Mitsubishi Electric's medium-term growth plan to 2025.
More information: motum.se
mitsubishielectric.com
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