Mitsubishi Electric acquires Norwegian elevator company ALT Heis
- Mitsubishi Electric acquired all shares of Norwegian elevator company ALT Heis through its subsidiary Motum.
- The acquisition aims to enhance Mitsubishi Electric's elevator maintenance business in Europe, particularly in Norway.
- This move follows the previous acquisition of UNIHEIS and is part of a broader strategy for sustainable growth.
On November 29, 2024, Mitsubishi Electric Corporation successfully acquired ALT Heis, a Norwegian elevator company headquartered in Bergen. This acquisition, finalized through Mitsubishi Electric's wholly owned subsidiary Motum, is part of the company's strategic initiative to expand its elevator and escalator business in the European market. This deal follows the 2023 acquisition of UNIHEIS, another Norwegian company, and is aimed at addressing the growing demand for maintenance and renewal of aging elevators in Europe. Mitsubishi Electric is focused on enhancing its maintenance business, especially considering the increasing number of aging elevators and rising environmental concerns in Europe. The company has positioned the expansion of its operations in the European market as a core strategy of its building systems division. The CEO of ALT Heis emphasized that the acquisition aligns with Motum's goals, promising enhanced service offerings for customers. Through the integration of ALT Heis into the Motum family, Mitsubishi Electric looks to leverage the strengths of both organizations to provide a broader range of products and services. The acquisition signals Mitsubishi Electric's commitment to a comprehensive strategy centered on sustainability and growth in elevator maintenance, particularly in Norway, where they anticipate continued expansion opportunities. Overall, this acquisition reflects Mitsubishi Electric's intention to strengthen its market position in Europe and cater to the anticipated growth in demand due to the evolving industry landscape. The elevation of the maintenance stock in European markets is fundamental to achieving sustainable growth for Mitsubishi Electric and its subsidiaries.