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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Mitsubishi Electric Corporation    6503   JP3902400005

MITSUBISHI ELECTRIC CORPORATION

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Mitsubishi Electric : Europe B.V. Acquires Swedish Air-conditioning Distributor AQS

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04/01/2020 | 10:11pm EDT

Strengthens Mitsubishi Electric’s air conditioning and IT cooling systems business in Sweden

Mitsubishi Electric Corporation (TOKYO:6503) announced today that its European subsidiary Mitsubishi Electric Europe B.V. acquired on April 1 all shares of AQS PRODUKTER AB, a comfort, process and IT cooling and heat pump distributor in Sweden, a market with promising prospects.

AQS, which has been selling commercial cooling and heat pump products for 35 years, possesses excellent technical capabilities and know-how. Until now, Mitsubishi Electric has been selling mainly residential and light commercial products in Sweden through the Scandinavian branch of Mitsubishi Electric Europe. AQS has been the main distributor of commercial cooling and heat pump products manufactured by Mitsubishi Electric Hydronics & IT Cooling Systems (with brands CLIMAVENETA and RC), which was acquired in 2015.

“We welcome AQS to the Mitsubishi Electric family. This is an exciting opportunity for us to strengthen and expand our offering on the Swedish market. The addition will complement our existing portfolio and enable us to cater even better for the high market demand for innovative and energy saving chiller technology,” said Itaru Watanabe, Branch President of Mitsubishi Electric Europe B.V (Scandinavia).

Residential air conditioners and hot-water heat pumps have been gaining popularity in Sweden, where people are striving to combat global warming by saving energy. Also, chillers are being increasingly adopted for commercial cooling systems in the Swedish market. In addition, the data center expansion in Sweden has significantly increased the market for IT cooling.

By acquiring AQS, Mitsubishi Electric aims to strengthen its commercial business in Sweden and also to strengthen total solutions capabilities of Mitsubishi Electric Europe by taking advantage of its new partner’s know-how.

For the full text, please visit: www.MitsubishiElectric.com/news/


© Business Wire 2020
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Financials
Sales 2021 4 187 B 38 944 M 38 944 M
Net income 2021 119 B 1 109 M 1 109 M
Net cash 2021 267 B 2 487 M 2 487 M
P/E ratio 2021 25,6x
Yield 2021 2,51%
Capitalization 3 080 B 28 659 M 28 651 M
EV / Sales 2020
EV / Sales 2021 0,67x
Nbr of Employees 146 518
Free-Float 94,2%
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Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 1 681,67 JPY
Last Close Price 1 436,00 JPY
Spread / Highest target 60,9%
Spread / Average Target 17,1%
Spread / Lowest Target -5,99%
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NameTitle
Takeshi Sugiyama President, CEO & Director
Masaki Sakuyama Chairman
Tadashi Kawagoishi Director & Head-Accounting
Akihiro Matsuyama Director
Mitoji Yabunaka Independent Outside Director
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