Mitsubishi Electric has completed the acquisition of all shares of AG Melco Elevator, an affiliated elevator company based in Dubai, United Arab Emirates, from Rawafed Almustaqbal Group, a 100 percent subsidiary of Al Ghurair Investment, making AG Melco Elevator a wholly owned subsidiary.
Mitsubishi Electric and its Tokyo-based subsidiary Mitsubishi Electric Building Solutions Corporation are focused on strengthening their elevator maintenance and renewal business, which is expected to see increased demand in the building systems sector, one of Mitsubishi Electric’s key growth businesses.
This agreement marks a significant milestone in the long-standing and mutually beneficial relationship between Mitsubishi Electric and Al Ghurair Investment, which has spanned over 50 years since the establishment of AG Melco Elevator in 1975. [Read more…] about Mitsubishi completes acquisition of AG Melco Elevator