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Monday, 30 March 2020, 11:07 HKT/SGT

Source: Mitsubishi Corporation
Mitsubishi Corporation and SOHGO SECURITY SERVICES Agree to Strategic Partnership in Facility Management Business

TOKYO, Mar 30, 2020 - (JCN Newswire) - Mitsubishi Corporation (MC) and SOHGO SECURITY SERVICES CO., LTD. (ALSOK) have agreed to form a strategic partnership in facility management (FM)(1) business, covering operations in both Japan and international markets.

MC will acquire a 33.4% interest in ALSOK subsidiary ALSOK Souei Co., Ltd. (Souei), which is engaged in both FM operations and security services in Japan. MC and ALSOK will also establish a joint venture company in Singapore to capture FM opportunities throughout Southeast Asia. Ownership of the new company will be split 70:30, with MC assuming the larger share.

In Japan, FM businesses are having to deal with frontline labor shortages and the upkeep of aging facilities, including both the buildings themselves and equipment like air-conditioning and lighting systems. With so much demand to renew or update these systems, their renewal market in Japan is estimated to be worth approximately 400 billion yen.

By combining our expertise and resources, MC and ALSOK are aiming at not only drastic improvements in building management efficiency and automation but also more comfortable and user-friendly environments for the buildings' tenants, employees, and visitors. As partners, we are committed to growing this business in the coming years, offering our customers high value-added services and solutions when it comes to the safety, security and other features of modern-day facilities.

Improvements in living standards throughout Southeast Asia have escalated demand for buildings that are equipped with sophisticated security features and that can be managed more efficiently. This trend has been particularly evident in urban centers and is expected to gain even more momentum in the years ahead. Our joint venture will be launching its FM operations in Thailand, where it can take advantage of MC's multi-industry customer base and ALSOK's existing security-systems operations. Our plan is to then expand the business to other Southeast Asian markets in a stepwise fashion.

This partnership will combine MC's collective capabilities and global network with ALSOK's advanced FM technologies and security expertise. In addition to enhancing energy conservation, promoting greater automation and otherwise encouraging the "smart" evolution of buildings and facilities, the partnership will help to identify societal and environmental solutions by comprehensively developing security, BCP and other services.

(1) Facilities Management: Comprehensive and optimized management of land, buildings, structures and other equipment or property, minimizing costs and maximizing efficiency. FM business includes ownership, lease, use, administration and maintenance of the facilities in question. (Translation of description used by the Japan Facility Management Association)

Topic: Press release summary
Sectors: Engineering
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