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Mitsubishi Electric strengthens air conditioning business in Turkey

Company to acquire its distributor, Klima Plus

TOKYO, February 19, 2014 - Mitsubishi Electric Corporation (TOKYO: 6503) announced today it is to acquire its Turkish air conditioning distributor, Klima Plus, through its local subsidiary Mitsubishi Electric Turkey A.Ş. The move will see Klima Plus shares move over to Mitsubishi Electric in a purchase agreement as it looks to bolster its presence in the Turkish air conditioning market.

With the third largest population in Europe and high GDP growth rates, the Turkish air conditioning market is expected to grow by 15% annually. Market demand, especially for Inverter-type air conditioning equipment, has increased rapidly since the introduction of new energy regulations*1 in January this year.

 Klima Plus

Klima Plus

Mr.Hiroyuki Umemura, Executive Officer of Mitsubishi Electric comments: "Klima Plus is a key distributor in the air conditioning market in Turkey whom we have worked with for 10 years. They have a reliable, proven track record with a combination of cutting edge technology and great customer service and we are pleased to welcome them to Mitsubishi Electric. Additionally, integrating their local sales knowledge will be a great asset as we look to further strengthen our business in this market."

Over the last year, Mitsubishi Electric's business in Turkey has experienced strong growth. Adding the newly acquired air conditioning business to the existing Factory Automation business, Mitsubishi Electric Turkey is aiming for a turnover of approximately 255 Million Turkish Lira in 2015. Further expansion of sales will be targeted through the integration with other infrastructure related businesses already deployed in Turkey (Satellites, Lifts and Escalators, Train Equipment, Power Generation etc.).

  • *1 Erp-Lot10: Energy saving regulation that aims to curb the environmental impact of air conditioning                         equipment. In operation in the EU since January 2013.

  • Klima Plus
    Company Name Klima Plus Enerji ve Klima Teknolojileri Paz. San. Ve Tic. A.Ş.
    President Yenal Altac
    Location HQ: Istanbul (Asian side), four sales offices
    Capital 7.5 million Turkish Lira
    Established December 22, 2004
    Employees 107
    Busines - Air Conditioning (Sale, installation and servicing of air conditioning equipment)
    - Sales Offices (Istanbul, Izmir, Ankara, Antalya, Adana)

    Mitsubishi Electric Turkey
    Company Name Mitsubishi Electric Turkey A.Ş.
    President Masahiro Fujisawa
    Location HQ: Istanbul (European side)
    Ownership Mitsubishi Electric Europe B.V. 70%
    Mitsubishi Electric Corporation 30%
    Capital 28 million Turkish Lira
    Established December 7, 2012
    Employees 54
    Business - FA (Factory Automation Equipment, NC sales, service and system integration)
    - Air conditioning (From April, 2014; Sales, service and system integration of air   conditioning equipment)
    - Support to infrastructure related businesses
    - Marketing
    - Establishment and operation of a local sales network