TOKYO (dpa-AFX) - Mitsubishi Electric Corporation (MIELY.PK), on Tuesday,
said it would transfer its automotive-equipment business and assets to a future
wholly-owned subsidiary Melco Automotive Equipment Business Split Preparation
Corporation or Prep Company, through an absorption-type company split effective
April 1, 2024.

Mitsubishi Electric stated that it is implementing strategic measures
appropriate to each of its target businesses in order to adjust its business
portfolio and strengthen its business structure for improved profitability and
asset utilization.

The company aims to streamline decision-making and accelerate transformation to
urgently improve the profitability of its automotive equipment business.
Further, the company expects the Company Split to improve operational efficiency
and enhance the portfolio of its automotive-equipment business for greater
profitability.



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