Mitsubishi Electric Acquires Irish Elevator Firm Ascension Lifts

Mitsubishi Electric has acquired all shares of Ascension Lifts, an Irish elevator company based in Dublin, through its subsidiary Motum AB. The acquisition will strengthen Mitsubishi Electric's and Mitsubishi Electric Building Solutions' presence in the elevator market and expand their product offerings. The terms of the deal were not disclosed.

Mitsubishi Electric (OTCPK: MIELY) has announced the acquisition of all shares of Ascension Lifts, an Irish elevator company based in Dublin, through its wholly owned subsidiary Motum AB, headquartered in Stockholm, Sweden [1]. The acquisition, which took place on April 29, 2025, is aimed at strengthening Mitsubishi Electric's and Mitsubishi Electric Building Solutions' presence in the elevator market and expanding their product offerings in the European market [2].

Ascension Lifts, which has been operating in the Irish elevator market for many years, possesses excellent technical capabilities and know-how for multi-brand maintenance and renewal, as well as a strong customer network [2]. The acquisition will allow Mitsubishi Electric to leverage Ascension Lifts' expertise in maintenance and renewal services, which are expected to grow in demand due to aging elevators and escalators and heightened environmental awareness [2].

The acquisition is part of Mitsubishi Electric's strategy to expand its elevator and escalator business in Europe. The company plans to create an operational structure capable of accelerating the delivery of value to customers, thereby enhancing its competitive position in the mature European market [2].

While the terms of the deal were not disclosed, the acquisition is expected to bolster Mitsubishi Electric's financial performance and contribute to its growth strategy. The company has been anticipating a profit beat and investor day surprise, with analysts upgrading its earnings outlook [1].

Mitsubishi Electric has been actively expanding its business in various sectors, including building systems, and this acquisition is another step in that direction. The company's financial results for fiscal 2025 show a significant increase in revenue and operating profit, indicating strong performance [3].

References:
[1] https://seekingalpha.com/news/4437605-mitsubishi-electric-acquires-irish-elevator-company-ascension-lifts
[2] https://finance.yahoo.com/news/mitsubishi-electric-acquires-irish-elevator-073000184.html
[3] https://www.businesswire.com/news/home/20250430857170/en/Mitsubishi-Electric-Acquires-Irish-Elevator-Company-Ascension-Lifts