Top Page | English | 简体中文 | 繁體中文 | 한국어 | 日本語
Tuesday, 19 May 2015, 13:33 HKT/SGT

Source: Mitsubishi Heavy Industries, Ltd.
Mitsubishi Heavy Industries Air-Conditioning and Refrigeration Corporation and Toyo Engineering Works to Integrate in July
- Synergies to be Pursued in Broad Range of Areas, from Cold Chain Logistics and - Air-Conditioning/Refrigeration Engineering to Commercial-Use/Residential Air-Conditioners -

TOKYO, May 19, 2015 - (JCN Newswire) - Effective July 1, Mitsubishi Heavy Industries, Ltd. (MHI) will merge the operations of two of its existing group companies: Mitsubishi Heavy Industries Air-Conditioning and Refrigeration Corporation (MHI-AC&R) and Toyo Engineering Works, Ltd. By integrating the manufacturing, sales and servicing functions of the two companies, MHI seeks to configure a structure capable of pursuing maximum synergies in a broad range of markets - from cold chain logistics and air-conditioning and refrigeration (AC&R) engineering to commercial-use and residential air-conditioning systems - as a way of strengthening its AC&R operations.

The merging entities are both wholly owned MHI group companies. MHI-AC&R's business scope includes marketing, installation and servicing of air-conditioners (both commercial and residential use), heating systems, cold storage and refrigeration products, centrifugal chillers and peripheral equipment, and the company also undertakes manufacture of some of these products. Toyo Engineering Works performs manufacturing, marketing, installation and servicing of commercial-use air-conditioners and cold storage and refrigeration products, and also undertakes the design, manufacture, construction and servicing of cold chain logistics systems and AC&R engineering systems. Toyo Engineering Works has an array of highly advanced proprietary technologies and outstanding strength in engineering, illustrated by its low-temperature and waste heat recovery systems and natural refrigerants.

Following the merger, the new company - which will retain the name Mitsubishi Heavy Industries Air-Conditioning and Refrigeration Corporation - will be capitalized at 400 million yen. It will initially have a workforce of approximately 1,100 employees. Junzo Satoh, President of MHI-AC&R, will assume the presidency of the new company.

MHI-AC&R was originally launched in October 2013 from the integration of two of MHI's domestic AC&R marketing units. Then in October 2014 that entity was merged with Kusakabe Co., Ltd., a company that performed the manufacture, marketing, installation and servicing of heating systems. Since that time MHI-AC&R has worked to strengthen its sales and servicing functions and has also been building up its solutions business, including integrated marketing and maintenance services, for heat pumps, chillers and other intermediate-zone products - markets currently in an expansionary trend.

In parallel with these developments at MHI-AC&R, in January 2014 MHI strengthened its ties with Toyo Engineering Works, which had been an equity-method affiliate, by making it a wholly owned group company via a tender offer. Since that time, efforts have focused on creating synergies in all areas by developing collaborative ties throughout the value chain, including technologies, marketing and production.

In its new format, the newly merged MHI-AC&R will integrate its existing air-conditioner services with Toyo Engineering Works' strengths in the construction and servicing of large-scale refrigeration systems and air-conditioner peripheral equipment. Through this integration, in addition to enhancement of the company's servicing operations, stronger engineering operations and greater efficiency in business processing will be pursued as a way toward further expansion of overall business operations.

About Mitsubishi Heavy Industries, Ltd.

Mitsubishi Heavy Industries (MHI) Group is one of the world's leading industrial firms. For more than 130 years, we have channeled big thinking into solutions that move the world forward - advancing the lives of everyone who shares our planet. We deliver innovative and integrated solutions across a wide range of industries, covering land, sea, sky and even space. MHI Group employs 80,000 people across 400 locations, operating in three business domains: "Power Systems," "Industry & Infrastructure," "Aircraft, Defense & Space." We have a consolidated revenue of around 40 billion U.S. Dollars. We aim to contribute to environmental sustainability while achieving global growth, using our leading-edge technologies. By bringing people and ideas together as one, we continue to pave the way to a future of shared success.

For more information, please visit MHI's website:
For Technology, Trends and Tangents, visit MHI's new online media SPECTRA:

Hideo Ikuno
[email protected]

May 19, 2015 13:33 HKT/SGT
Source: Mitsubishi Heavy Industries, Ltd.

Topic: Press release summary
Sectors: Daily News
From the Asia Corporate News Network

Copyright © 2020 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

Mitsubishi Heavy Industries, Ltd. Links

Mitsubishi Heavy Industries, Ltd.
Sept 14, 2020 16:10 HKT/SGT
MHI Thermal Systems' Air Conditioners for the Australian and New Zealand Markets Receive Canstar Blue Award for Second Straight Year
Sept 4, 2020 10:36 HKT/SGT
Mitsubishi Shipbuilding Marine SOx Scrubber System "DIA-SOx" Installation Completed Onboard 22 Ships Year-to-Date
Sept 4, 2020 10:20 HKT/SGT
Launch of New Hydrogen Utilization Council in Kobe/Kansai Area
Sept 1, 2020 10:12 HKT/SGT
Mitsubishi Power Established with Renewed Commitment to Transforming Energy Systems Around the World
Aug 31, 2020 10:51 HKT/SGT
Mitsubishi Shipbuilding to Test World's First Marine-based CO2 Capture System
Aug 31, 2020 10:38 HKT/SGT
MHI Machine Tool Expanding Lineup of Double-Column Machining Centers
Aug 4, 2020 11:10 HKT/SGT
MHI Machine Tool Develops "FR Series" of Machines to Manufacture Gears for Robots
July 31, 2020 08:06 HKT/SGT
Mitsubishi Heavy Industries and Copenhagen Infrastructure Partners Enter into Joint Venture to Develop Offshore Wind in Hokkaido, Japan
July 27, 2020 10:08 HKT/SGT
MHIEC Receives Order to Refurbish the Minato WtE Plant in Tokyo
July 20, 2020 10:21 HKT/SGT
MHI Successfully Launches the Emirates Mars Mission, HOPE Spacecraft
More news >>
 News Alerts
Copyright © 2020 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Privacy Policy | Terms of Use | RSS
US: +1 800 291 0906 | Beijing: +86 400 879 3881 | Hong Kong: +852 2217 2912 | Singapore: +65 6304 8926 | Tokyo: +81 3 6859 8575

Connect With us: