TOKYO, April 2, 2020 – Mitsubishi Electric Corporation (TSE: 6503) announced today that its European subsidiary, Mitsubishi Electric Europe Ltd., acquired all shares of AQS PRODUKTER AB, a promising market in Sweden for comfort, process, IT cooling and heat pumps, on April 1.
AQS has been selling commercial cooling and heat pump products for 35 years and has outstanding technical capabilities and expertise. Until now, Mitsubishi Electric has been selling residential and light commercial products in Sweden through Mitsubishi Electric's Scandinavian branch in Europe. AQS has been a major distributor of commercial cooling and heat pump products manufactured by Mitsubishi Electric Hydronics and IT Cooling Systems (under the brands CLIMAVENETA and RC), which was acquired in 2015.
"We welcome AQS to the Mitsubishi Electric family. This is an exciting opportunity for us to enhance and expand our offering in the Sweden market. The new products will complement our existing product portfolio and allow us to better meet the innovative and energy-efficient chiller* technologies," said Itaru Watanabe, Branch President of Mitsubishi Electric Europe (Scandinavia).
Household air conditioners and hot water heat pumps have become increasingly popular in Sweden, and Sweden people are trying to combat global warming by saving energy. In addition, in the Sweden market, chillers are increasingly used in commercial cooling systems. Moreover, the expansion of data centers in Sweden has greatly increased the IT cooling market.
With the acquisition of AQS, Mitsubishi Electric aims to strengthen its commercial presence in Sweden and leverage the expertise of its new partners to enhance Mitsubishi Electric's total solutions capabilities in Europe.
*A chiller is a machine that uses a hot medium (e.g. water) in a circulating system to maintain temperature. It usually refers to central air-conditioning systems used in buildings, factories, and other large facilities.
AQS Overview
Name AQS Product AB (AQS)
Location Gothenburg, Sweden
Founded in 1985
Employee 12
Commercial Air Conditioning Equipment Sales
Overview of Mitsubishi Electric Europe
Name Mitsubishi Electric Europe Ltd
President and CEO Ryuya Ishikawa
Location Amsterdam, Netherlands
Share capital: approx. EUR 101 million (100% by Mitsubishi Electric)
Founded in June 1996
Commercial sales of automobiles, air conditioners, factory automation and video information equipment, semiconductors and large motors, and material procurement
Overview of Mitsubishi Electric's hydroelectric and IT cooling systems
Name Mitsubishi Electric Hydroelectric & IT Cooling Systems Corporation
President & CEO Carlo Grossi ·
Location in Veneto, Italy
Share capital: EUR 10 million (100% of Mitsubishi Electric)
Founded 1971
Commercial designs, manufactures and sells innovative energy-efficient products and provides value-added services for indoor climate control in commercial buildings and refrigeration (ICC&R) and ICT applications in industrial processes through the CLIMAVENETA and RC brands.
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