Mitsubishi Electric Acquires Irish Elevator Company Ascension Lifts

TOKYO--(BUSINESS WIRE)--Mitsubishi Electric Corporation (TOKYO: 6503) announced today that it has acquired all shares of Ascension Lifts Limited, an Irish elevator company based in Dublin, through its wholly owned subsidiary Motum AB, headquartered in Stockholm, Sweden, on April 29.
Mitsubishi Electric and its Tokyo-based subsidiary Mitsubishi Electric Building Solutions Corporation are expanding their worldwide business in elevator maintenance and renewal, which is expected to enjoy growing demand in the building systems sector, one of Mitsubishi Electric’s priority growth businesses. In the mature European market, the demand for maintenance and renewal services is forecast to grow against the backdrop of aging elevators and escalators and heightened environmental awareness. In response, the two companies plan to create an operational structure capable of accelerating the delivery of value to customers.
Ascension Lifts, which has been operating in the Irish elevator market for many years, has excellent technical capabilities and know-how for multi-brand maintenance and renewal, as well as a strong customer network. Through this acquisition, Mitsubishi Electric and Mitsubishi Electric Building Solutions will strengthen their business base in the Irish market by expanding their business domain into maintenance and renewal, starting with the use of Ascension Lifts’s maintenance stock, and promote their strategy for expanding the elevator and escalator business in the European market.

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