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Mitsubishi Electric Corporation (MIELY) reports company news across electronics, industrial automation, mobility systems and energy-related equipment. Recurring updates include consolidated financial results, share repurchase actions, material agreements and governance matters tied to the Mitsubishi Electric group.
Company developments also cover automotive electrical and electronic systems, driver and occupant monitoring platforms, programmable logic controllers, industrial control-system security, and power semiconductor modules such as high-voltage insulated gate bipolar transistor products used in railway, electric power and large industrial inverter systems.
Mitsubishi Electric Corporation (Tokyo:6503) released its consolidated financial results for fiscal 2022, reporting revenue of 4,476.7 billion yen, a 7% increase from the previous year. Operating profit rose to 252.0 billion yen, marking a 9% increase. Profit before income taxes was 279.6 billion yen, an 8% increase, while net profit attributable to shareholders reached 203.4 billion yen, up 5%. For fiscal 2023, the company projects revenue to grow by 7% to 4,770.0 billion yen, alongside expectations of increased operating profit and net profit. The outlook considers potential risks from COVID-19 variants and supply constraints.
Mitsubishi Electric Corporation (Tokyo: 6503) unveiled its new digital cockpit, Inca Jay, designed to enhance vehicle safety and user experience through advanced technologies. Powered by the 3rd Generation Snapdragon Cockpit Platform and Green Hills Software’s INTEGRITY OS, Inca Jay aims to mitigate driver errors, which account for over 94% of accidents according to NHTSA. Key features include a Driver Monitoring System and a High-Definition Locator for safer nighttime driving. Mitsubishi Electric reported revenue of 4,191.4 billion yen ($37.8 billion) for the fiscal year ending March 31, 2021.
Mitsubishi Electric Corporation has announced the upcoming shipment of samples for its new LV100-type T-series 2.0kV IGBT Module aimed at industrial applications, set to begin in May. This innovative power-semiconductor product is designed to reduce size and power consumption in power-conversion equipment, particularly for renewable-energy sources. The product will be showcased at the Power Conversion Intelligent Motion (PCIM) Europe 2022 trade show in Nuremberg, Germany, from May 10 to 12. The development aligns with the increasing demand for efficient power conversion at higher system-operating voltages.
Mitsubishi Electric Corporation has developed a new airflow-control technology aimed at optimizing room-wide comfort by visualizing and analyzing airflow from A/C systems. This technology addresses uneven temperatures and strong airflows, enhancing occupant satisfaction and building asset value. The solution will be showcased at the 55th Japanese Joint Conference on Air-conditioning and Refrigeration on April 21. The initiative responds to increased demand for healthful indoor environments, particularly due to the impacts of COVID-19.
Mitsubishi Electric Corporation has announced its agreement to wholly acquire Motum AB, a Sweden-based elevator and automatic door company, effective March 23. This strategic acquisition aims to enhance Mitsubishi Electric's service and modernization capabilities in elevators and escalators across Sweden and Europe. Motum, the largest independent elevator firm in the Nordic region, services over 20,000 units and has a strong position in modernization. As elevators and escalators are core to Mitsubishi Electric's growth strategy, this acquisition supports business expansion in response to rising maintenance demands.
Mitsubishi Electric Power Products, Inc. has successfully completed the acquisition of Computer Protection Technology (CPT), a leading service provider in the critical power sector based in Southern California. The financial terms remain undisclosed. This acquisition aims to enhance MEPPI's service capabilities amidst growing demand in critical power solutions due to increased digital initiatives. CPT will continue its operations as a service branch of MEPPI, leveraging synergies to create significant value for both companies' customers.
Mitsubishi Electric has appointed John Campion as the new General Manager of its Critical Power Solutions Division (CPSD), effective April 1, 2022. This division was previously known as the Uninterruptible Power Supplies Division. Campion, who joined MEPPI in July 2021, has an extensive background in consulting and naval service. The CPSD aims to expand its market share in the North American hyperscale and data center sectors, emphasizing customer-centric solutions and introducing IT Cooling products to meet evolving market demands.
Mitsubishi Electric Corporation (Tokyo:6503) announced the candidates for Directors during its Nomination Committee meeting on March 31, 2022. This follows the recent discovery of improper quality control practices, prompting a company-wide investigation by an external Investigative Committee. All current Director and Executive Officer candidates are tentative, pending the outcomes of the ongoing investigations and assessments on internal control and governance systems. The company plans to review and finalize Director candidates based on the investigation's findings.
Mitsubishi Electric Corporation will open the "Collaborative Engineering Center" in China on April 1. This facility aims to enhance factory automation application development tailored to the local market. The center will address the rising demand in various industries, including automotive and logistics, by providing customized automation solutions. This initiative is expected to bolster Mitsubishi Electric's factory automation business in China and improve customer satisfaction through rapid and flexible responses to diverse needs.
Mitsubishi Electric Corporation (TOKYO:6503) has introduced an advanced AI technology that enhances the identification and tracking of individuals using multiple surveillance cameras. This technology reduces reidentification time to one-tenth of existing methods through proprietary compression technology that filters out extraneous data. The new AI will be incorporated into Mitsubishi Electric's Maisart® product line and aims to improve security systems for tracking suspicious persons and lost children, as well as for analyzing customer flow.