JAPAN: Mitsubishi Electric is to acquire its Turkish air conditioning distributor, Klima Plus.
The move follows the establishment of a subsidiary Mitsubishi Electric Turkey AŞ in Istanbul in January. Mitsubishi Electric’s business in Turkey currently includes air conditioning, factory automation and infrastructure-related products such as satellites, elevator/escalators and electrical equipment for railcars.
“Klima Plus is a key distributor in the air conditioning market in Turkey whom we have worked with for 10 years,” commented Hiroyuki Umemura, Mitsubishi Electric executive officer. “They have a reliable, proven track record with a combination of cutting edge technology and great customer service.”With the third largest population in Europe and high GDP growth rates, the Turkish air conditioning market is expected to grow by 15% annually. Market demand, especially for Inverter-type air conditioning equipment, has increased rapidly since the introduction of new energy regulations in January this year.
Over the last year, Mitsubishi Electric’s business in Turkey has experienced strong growth. Adding the newly acquired air conditioning business to the existing Factory Automation business, Mitsubishi Electric Turkey is aiming for a turnover of £60m in 2015. Further expansion of sales will be targeted through the integration with other infrastructure related businesses already deployed in Turkey, says a company statement.