Renewal of Joint Venture Agreement for Shanghai Mitsubishi Elevator Co., Ltd.

Q: What are the key facts in this article?

Mitsubishi Electric and Mitsubishi Electric Building Solutions (MEBS) have agreed to extend their joint venture agreement with Shanghai Electric Group for Shanghai Mitsubishi Elevator Co., Ltd. (SMEC) by 20 years. This aims to address maintenance and renovation demand in the Chinese market while expanding business globally, including in the Middle East and ASEAN.

Q: What is the direct answer?

Mitsubishi Electric and Mitsubishi Electric Building Solutions (MEBS) have agreed to extend their joint venture agreement with Shanghai Electric Group for Shanghai Mitsubishi Elevator Co., Ltd. (SMEC) by 20 years. This aims to address maintenance and renovation demand in the Chinese market while expanding business globally, including in the Middle East and ASEAN.

Q: What is the source and date?

Source: https://prtimes.jp/main/html/rd/p/000000392.000120285.html | Date: Date unavailable

Photo (from left): Mr. Wan Zhongpei, President of Shanghai Mitsubishi Elevator; Kei Urukuma, Executive Officer and President of Mitsubishi Electric; Mr. Wu Lei, Chairman of Shanghai Electric Group; Iwao Oda, Head of Building Systems Business Division, Mitsubishi Electric / President and CEO, Mitsubishi Electric Building Solutions. Mitsubishi Electric Corporation (hereinafter, Mitsubishi Electric) and Mitsubishi Electric Building Solutions Corporation (hereinafter, MEBS) have agreed to extend the joint venture agreement for Shanghai Mitsubishi Elevator Co., Ltd. (Shanghai Mitsubishi Elevator Co., Ltd., Headquarters: Shanghai, People's Republic of China, hereinafter, SMEC), a joint venture between Mitsubishi Electric and Shanghai Electric Group Co., Ltd. (Headquarters: Shanghai, People's Republic of China, hereinafter, Shanghai Electric Group), which is set to expire in December 2026, for another 20 years, thereby renewing the third-term joint venture agreement. Mitsubishi Electric and MEBS will continue to provide products and services that meet the needs of the Chinese elevator market together with SMEC, and aim for further global business expansion through the collaboration of the three companies in the future. ■ Background and Aim of Joint Venture Agreement Renewal Mitsubishi Electric established SMEC in Shanghai in December 1986 in a joint venture with Shanghai Electric (Group) Corporation, becoming the first Japanese elevator manufacturer in China to commence a total elevator business encompassing manufacturing, sales, installation, and maintenance. Since then, it has led the Chinese elevator market with a two-brand strategy centered on the Mitsubishi brand's flagship "MAXIEZ" series, developed by Mitsubishi Electric Shanghai Electric Elevator Co., Ltd. (Headquarters: Shanghai, People's Republic of China), and SMEC brand products. In recent years, the demand for elevators in China has undergone a structural change, with the expansion of new installation demand s

Renewal of Joint Venture Agreement for Shanghai Mitsubishi Elevator Co., Ltd.

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