TOKYO, November 8, 2017 - Mitsubishi Electric Corporation (TOKYO: 6503) today announced that it reached an agreement with Powerex Inc. on November 3 to acquire the Mitsubishi Electric power device sales business currently handled by Powerex, which will be taken over by Mitsubishi Electric US, Inc. within January 2018.

Mitsubishi Electric power devices are sold in Japan, Europe, the Americas, China, Southeast Asia and India. The Americas are a key region due to the projected growth of the region's automobile market. Putting the business in the capable hands of Mitsubishi Electric US, a wholly owned subsidiary, will enable Mitsubishi Electric to focus more closely on its global customers. The specific benefits and synergies expected as a result of this new arrangement are as follows:
- Stronger customer support for global manufacturing networks based in the Americas
- Stronger collaboration and technical support for the automobile market and automobile manufacturers
- Resources sharing among existing business units within Mitsubishi Electric US.

Following the acquisition, Mitsubishi Electric will continue to support Powerex's business development as a co-owner of the company.

Mitsubishi Electric US, Inc.

Company Mitsubishi Electric US, Inc.
Location 5900-A Katella Avenue, Cypress, California 90630, U.S.A.
President & CEO Mr. Keijiro Hora
Establishment July 2000
Business Regional Headquarters in North America. Sales of elevators, air conditioners, photovoltaic systems, visual & imaging systems, and semiconductors.

Powerex Inc.

Company Powerex,Inc.
(50-50 joint venture between Mitsubishi Electric and General Electric)
Location 173 Pavilion Lane Youngwood, PA 15697 U.S.A.
President & CEO Mr. John Hall
Establishment January 1986
Business Sales and manufacture of power devices

Timeline of Asset Transfer

Agreement reached November 3
Start of operation under Mitsubishi Electric US Within January 2018 (planned)

Note that the releases are accurate at the time of publication but may be subject to change without notice.