Mitsubishi Heavy Industries (MHI) Limited will be splitting off its air-conditioning and refrigeration business to a wholly-owned group company.
According to a press release from MHI, the purpose of the split is to strengthen the competitiveness and expansion of refrigeration and air-conditioning business in the global market, especially since the market is vulnerable to changes in economic trends and environmental regulations.
The press release also states that MHI will establish a preparatory company that is later planned to be the successor company. The transition is expected to go on until October. The company will trade under the name, MHI Air-conditioning & Refrigeration, Co., Ltd. and its headquarters will be based in Tokyo.
MHI’s press release can be found and read in full here.