TOKYO, July 7, 2026 – Mitsubishi Electric Corporation (TOKYO: 6503) announced today that it reached an agreement on July 2 to transfer a portion of its shares in its wholly owned, Fukuoka-based subsidiary, Mitsubishi Electric FA Industrial Products Corporation, to Konecranes Oyj, a company based in Finland. The transaction is expected to be completed within the current fiscal year ending in March 2027, pending necessary regulatory approvals. Following the transfer, Mitsubishi Electric FA Industrial Products will become a Konecranes subsidiary, with Konecranes holding a 70.0% stake and Mitsubishi Electric retaining a 30.0% stake. The company is also expected to be renamed.

Mitsubishi Electric FA Industrial Products has developed its hoist and geared motor businesses primarily in the Japanese market for many years, leveraging its advanced technologies and strong sales networks. Konecranes is a global company specializing in material-handling equipment, including cranes and hoists. It operates in over 50 countries worldwide. Konecranes’ service-led business model, centered on maintenance, modernization and digital solutions, enables the company to deliver value across industries ranging from manufacturing to port transportation.

Mitsubishi Electric determined the best way to strengthen its domestic competitiveness as well as expand overseas would be to benefit from Konecranes’ advanced technologies and global business through a partnership. By integrating the two companies’ technologies, sales networks and other resources, the new company is expected to enhance its products and services, strengthen its global business development, and provide greater value to customers for medium- to long-term business growth.

The impact of the transaction on Mitsubishi Electric’s consolidated financial results is not included in the company’s financial forecast announced on April 28 for the fiscal year ending in March 2027. However, the impact is expected to be minor. If there is any significant change, updates will be announced promptly.

Marko Tulokas, Konecranes’ President and CEO, said: “I am very pleased with this planned acquisition. Mitsubishi Electric FA Industrial Products’ technologies, products and personnel strengthen our global footprint and give us a more significant presence in the attractive Japanese market under a world-leading and well-known brand. Mitsubishi Electric FA Industrial Products will benefit from being part of a global leader, and for Konecranes, Mitsubishi Electric FA Industrial Products is a very good strategic fit and brings clear synergies. This important acquisition continues Konecranes’ long-term growth focus where acquisitions play a significant role.”

Takayuki Tsuzuki, Mitsubishi Electric Corporation’s Senior Executive Officer, Group President, Factory Automation Systems, said: “Mitsubishi Electric FA Industrial Products has built up nearly 80 years of technological expertise and a strong track record. We are confident that transferring our advanced and well-proven technologies to Konecranes, a leader in hoists and geared motors, will contribute to our mutual growth and development of this business.”