Update on Conclusion of Absorption-type Company Split Agreement on Transfer of Air-Conditioning & Refrigeration Business to Wholly Owned Subsidiary
Tokyo, June 8, 2016 - As announced on May 17, Mitsubishi Heavy Industries, Ltd. (MHI) is to conclude an absorption-type company split agreement on the transfer of its air-conditioning & refrigeration (AC&R) business to MHI Air-conditioning & Refrigeration Co., Ltd. (MHI-AC&R), a wholly owned subsidiary. At that time, the name and representative of the successor company post-split remained to be announced, and these details have now been decided as indicated in the table below (items in italics).
|(1) Name||Mitsubishi Heavy Industries Thermal Systems, Ltd.|
|(2) Head office||16-5, Konan 2-chome, Minato-ku, Tokyo, Japan|
|(3) Representative||Kaoru Kusumoto, President & CEO|
|(4) Business||Business related to design, manufacture, procurement, quality assurance, sales and after-sales services of air-conditioning & refrigeration systems (including ancillary business)|
|(5) Capital||12,000 million yen|
|(6) Fiscal year end||March 31|