OR WAIT null SECS
The companies will merge on October 1st.
Mitsubishi Heavy Industries (MHI) and Mitsubishi Power reached an absorption-type split agreement under which Mitsubishi Power will be integrated into MHI. The business operations and employees of Mitsubishi Power will be taken over by MHI effective October 1, 2021.
Summary of absorption-type split agreement
The business operations and employees of Mitsubishi Power involved in the design, manufacture, sale, installation and engineering of thermal power generation systems will be transferred to MHI and integrated. In addition, the two companies' management resources will be unified.
Integration of Mitsubishi Power's major domestic bases
Mitsubishi Power’s current plants will be absorbed into neighboring MHI manufacturing bases. For example, Mitsubishi Power’s Takasago Works will be integrated into MHI’s Takasago Machinery Works.
Mitsubishi Power brand name will continue in overseas markets
The “Mitsubishi Power” brand name will continue to be used for overseas markets. Mitsubishi Power, Ltd. will continue to exist as a corporation within Japan, functioning as the presiding company and contract agent for the core Asian and Middle Eastern markets.
Names of Mitsubishi Power's group companies
As a result of the business integration, Mitsubishi Power's group companies in Japan will in some cases undergo a corporate name change. The names of its overseas group companies will remain unchanged.