Mitsubishi Electric Acquires Infinity Lifts, an Elevator and Escalator Business Company in Ireland

Mitsubishi Electric Corporation (hereinafter, Mitsubishi Electric) signed a share transfer agreement on March 18, local time, to acquire all shares of Infinity Lifts Limited, an elevator and escalator business company in Ireland (Headquarters: Ennis, Ireland; hereinafter, Infinity Lifts).

This transaction is expected to be completed in the first half of 2026, subject to necessary regulatory approvals and other general closing conditions.

Mitsubishi Electric and Mitsubishi Electric Building Solutions Corporation (hereinafter, MEBS) are expanding their maintenance and renewal business, primarily through their wholly-owned subsidiary Motum AB (Headquarters: Stockholm, Sweden; hereinafter, Motum) in Europe, which is positioned as a core market for their key growth area of building systems business. As part of their European regional strategy, Mitsubishi Electric acquired Ascension Lifts Limited (hereinafter, Ascension Lifts) in April 2025 (*), aiming to strengthen its business foundation in Ireland. This acquisition follows that move.

Infinity Lifts is a company that handles new sales, installation, maintenance, and renewal of multi-brand elevators and escalators, including those manufactured by Mitsubishi Electric, in Ireland. It possesses high technical capabilities and a large maintenance stock. Through this acquisition, by combining the strengths of Infinity Lifts with the long-standing multi-brand foundation of Ascension Lifts in Ireland, Mitsubishi Electric aims to provide higher value-added services and promote its strategy to expand the elevator and escalator business across Europe, driven by strengthening its business foundation in Ireland, a market expected to grow in the future.

■Comments from Stakeholders

Garech McGuinness, CEO of Infinity Lifts Limited

"We are honored to become part of the Mitsubishi Electric Group. I am confident that by integrating the trust and technical capabilities we have built with our customers with Mitsubishi Electric's global resources, we can provide even greater peace of mind and innovative solutions to our customers in Ireland."

Iwao Oda, General Manager of Building Systems Business Division, Mitsubishi Electric Corporation / President and CEO, Mitsubishi Electric Building Solutions Corporation

"Our Building Systems Business has been working to strengthen its maintenance and renewal business through M&A activities in Europe, triggered by the acquisition of Motum in 2022. By building optimal systems in each country, centered on Motum, which is a pillar of our European strategy, we aim for further global growth in the elevator and escalator business."

■Aim of Acquiring Infinity Lifts

The Building Systems Business, one of Mitsubishi Electric's key growth businesses, is managed by MEBS, a consolidated subsidiary established in April 2022. MEBS leverages an integrated system from development and manufacturing to maintenance and renewal, providing products and services and expanding its business. The global elevator and escalator market, especially in mature markets like Europe, is expected to see continued steady growth in demand for maintenance and renewal, driven by an increase in aging elevators and rising environmental awareness. To meet this demand, Mitsubishi Electric has been actively pursuing M&A activities, primarily in Northwest Europe, since the acquisition of Motum in 2022. This aims to strengthen the foundation of its elevator and escalator business centered on maintenance and renewal in Europe and establish a system that can quickly deliver value to customers.

Infinity Lifts has been an agent for Mitsubishi Electric in Ireland since 2019, handling sales, installation, and maintenance of Mitsubishi Electric elevators and escalators, and possesses high technical capabilities and a proven track record in handling multi-brand products.

This acquisition is the second in Ireland, following Ascension Lifts in April 2025. By combining Ascension Lifts' long-cultivated installation and maintenance technologies for other companies' products and its customer base in the capital Dublin with Infinity Lifts' advanced technical capabilities, which are well-versed in Mitsubishi Electric products, and its extensive sales network within the country, Mitsubishi Electric aims to establish a system that can provide one-stop service for all customer needs, regardless of manufacturer. Through the synergy of these two companies, Mitsubishi Electric will strengthen its stable business foundation in Ireland and promote its strategy to expand the elevator and escalator business across Europe.

■Mitsubishi Electric's M&A Achievements in Building Systems Business in Europe

■Overview of Infinity Lifts

■About Mitsubishi Electric Building Solutions

Mitsubishi Electric Building Solutions Corporation is a consolidated subsidiary of Mitsubishi Electric, established in April 2022, operating an integrated business system from development and manufacturing to maintenance and renewal in the building systems business. As a building solutions provider, it supports social infrastructure by offering one-stop integrated solutions that combine a wide range of building-related products and services such as elevators, escalators, air conditioning and refrigeration equipment, and building systems, with extensive experience in building operation management, and advanced digital technologies. From individual buildings to building complexes and cities, it contributes to people's rich lives in building and urban spaces by solving various challenges in close cooperation with people and society, aiming to realize smart cities.

■About Mitsubishi Electric Group

The Mitsubishi Electric Group, under its "Our Philosophy", places sustainability at the core of its management and values the trust of stakeholders including society, customers, shareholders, and employees. The Group pursues "profitability," "capital efficiency," and "growth potential," while continuously creating new value that solves social issues through ongoing engagement with customers, aiming for sustainable improvement in corporate value. With a history spanning over 100 years since its founding in 1921, it operates businesses in social systems, energy systems, defense and space systems, FA systems, automotive equipment, building systems, air conditioning and home appliances, digital innovation, and semiconductors and devices. It has over 200 group companies and approximately 150,000 employees worldwide, with consolidated net sales of 5,521.7 billion yen in fiscal year 2024. For more details, please visit the official website.

* Announcement on April 30, 2025 https://www.MitsubishiElectric.co.jp/ja/pr/2025/pdf/0430.pdf

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