Mitsubishi Electric and Mitsubishi Heavy Industries Definitively Agree to Integrate Their Power-generator Systems Businesses

TOKYO, May 29, 2023 – Mitsubishi Electric Corporation (TOKYO: 6503) and Mitsubishi Heavy Industries, Ltd. (TOKYO: 7011) announced today that they have reached a definitive agreement to integrate their power-generator systems businesses under a joint venture. As previously announced, the two firms agreed in principle last December 26 on a plan to transfer their respective businesses focused on power-generator systems to a proposed joint-venture company, which Mitsubishi Electric and Mitsubishi Heavy Industries will both be the shareholder, effective April 1, 2024.