BEMAC Corporation Announces Acquisition of The Switch Engineering Oy as a Wholly Owned Subsidiary
BEMAC Corporation has acquired all shares of The Switch Engineering Oy (TSW) held by Mitsui & Co. to make it a wholly owned subsidiary. This integration aims to accelerate product development and market expansion for marine electrical plants.
📋 Article Processing Timeline
- 📰 Published: May 21, 2026 at 20:02
- 🔍 Collected: May 21, 2026 at 11:31
- 🤖 AI Analyzed: May 21, 2026 at 13:04 (1h 32m after Collected)
BEMAC Corporation (Headquarters: Imabari, Ehime; President: Masato Oda; hereafter "the Company") hereby announces that it has decided to acquire all shares of its subsidiary, The Switch Engineering Oy (Headquarters: Vaasa, Finland; hereafter "TSW"), currently held by Mitsui & Co., Ltd. (Headquarters: Chiyoda-ku, Tokyo; President: Kenichi Hori; hereafter "Mitsui & Co."), and to make TSW a wholly owned subsidiary.
The Company and Mitsui & Co. concluded a share transfer agreement on May 15, 2026.
1. Purpose of Share Acquisition
In its "Long-Term Vision 2032," the Company has set a goal to "curb global greenhouse gas emissions." In addition to existing businesses such as main switchboards and monitoring panels, the Company has been working to build a business structure that contributes to GHG reduction in the maritime industry by comprehensively providing electrical plants for ships, including power generation, distribution, energy storage, control, and monitoring.
As a crucial step, in February 2024, the Company acquired TSW through a joint investment with Mitsui & Co. TSW develops and provides products with high technical capabilities in fields such as Permanent Magnet Machines (PMM), DC switchboards, motor drive inverters, and high-speed induction motors. The three companies have been working together to strengthen the business foundation and enhance corporate value.
Based on the steady progress made under the joint operation with Mitsui & Co., the two companies held discussions regarding future growth and strategic development. As a result, they concluded that making TSW a 100% subsidiary of the Company is optimal, and the Company decided to acquire all TSW shares held by Mitsui & Co.
Through this, the Company will accelerate product development, technology integration, and market expansion in fields such as PMM and DC switchboards held by TSW through streamlined decision-making and integrated use of management resources within the group, further promoting sustainable growth and the maximization of business value for TSW and the group.
2. Details of Share Acquisition
The Company will acquire all TSW shares held by Mitsui & Co., making TSW a wholly owned subsidiary of the Company.
3. Future Initiatives
On May 15, 2026, the three companies—the Company, TSW, and Mitsui & Co.—signed a memorandum to continue promoting a strategic partnership based on their existing relationship. Moving forward, the Company will continue to contribute to the maritime industry and maximize the sustainable growth and business value of TSW in collaboration with Mitsui & Co. and TSW.
The Company and Mitsui & Co. concluded a share transfer agreement on May 15, 2026.
1. Purpose of Share Acquisition
In its "Long-Term Vision 2032," the Company has set a goal to "curb global greenhouse gas emissions." In addition to existing businesses such as main switchboards and monitoring panels, the Company has been working to build a business structure that contributes to GHG reduction in the maritime industry by comprehensively providing electrical plants for ships, including power generation, distribution, energy storage, control, and monitoring.
As a crucial step, in February 2024, the Company acquired TSW through a joint investment with Mitsui & Co. TSW develops and provides products with high technical capabilities in fields such as Permanent Magnet Machines (PMM), DC switchboards, motor drive inverters, and high-speed induction motors. The three companies have been working together to strengthen the business foundation and enhance corporate value.
Based on the steady progress made under the joint operation with Mitsui & Co., the two companies held discussions regarding future growth and strategic development. As a result, they concluded that making TSW a 100% subsidiary of the Company is optimal, and the Company decided to acquire all TSW shares held by Mitsui & Co.
Through this, the Company will accelerate product development, technology integration, and market expansion in fields such as PMM and DC switchboards held by TSW through streamlined decision-making and integrated use of management resources within the group, further promoting sustainable growth and the maximization of business value for TSW and the group.
2. Details of Share Acquisition
The Company will acquire all TSW shares held by Mitsui & Co., making TSW a wholly owned subsidiary of the Company.
3. Future Initiatives
On May 15, 2026, the three companies—the Company, TSW, and Mitsui & Co.—signed a memorandum to continue promoting a strategic partnership based on their existing relationship. Moving forward, the Company will continue to contribute to the maritime industry and maximize the sustainable growth and business value of TSW in collaboration with Mitsui & Co. and TSW.
FAQ
What did BEMAC do?
On May 15, 2026, BEMAC acquired all shares of The Switch Engineering (TSW) held by Mitsui & Co., making it a wholly owned subsidiary.
What are the effects of this acquisition?
It streamlines decision-making within the BEMAC group and accelerates the integration of TSW's advanced electrical technologies with BEMAC's existing business.
Does this end the relationship with Mitsui & Co.?
No, the three parties have signed a memorandum to continue promoting a strategic partnership.