Hitachi transfers home elevator joint venture stake to Mitsubishi Electric

Hitachi Ltd. (TSE: 6501) announced it will transfer its entire stake in Mitsubishi Hitachi Home Elevator Corporation to joint venture partner Mitsubishi Electric Building Solutions Corporation. The share transfer agreement is scheduled for completion during the first quarter of fiscal year ending March 2027.

The joint venture, established with equal 50% ownership between the companies, operates in home elevator development, manufacturing, sales and installation. Mitsubishi Hitachi Home Elevator employs approximately 230 people and maintains 1 billion yen in capital.

Under Hitachi's "Inspire 2027" management plan, the company stated it will concentrate elevator business resources on standard and customized models that can serve as digitalized assets. Hitachi plans to enhance value through AI and digital technologies, utilizing 30 years of operational data and inspection records through its "HMAX for Buildings: BuilMirai" solution suite.

Hitachi Building Systems will continue providing support and services for existing home elevator maintenance contracts until their expiration. The company indicated the financial impact on consolidated results will be minimal.

The move aligns with Hitachi's Connective Industries Sector focus on "Integrated Industry Automation" and expanding the "HMAX Industry" solution suite into growth industries. Mitsubishi Hitachi Home Elevator is headquartered in Mino-city, Gifu, Japan, and led by President Hiroshi Araki.

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