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Mitsubishi Electric buys rail business

imageJAPAN: Mitsubishi Electric Corporation has acquired a controlling interest in railcar air conditioning systems manufacturer Klimat-Fer SpA.

Today’s announcement will see 80% of Klimat-Fer’s shares incorporated into Mitsubishi Electric’s railcar business in Europe.

The railcar air-conditioning systems market in Europe is the world’s largest with annual growth expected to be in the region of 2 to 3%. Additionally, the manufacturing bases of most of the world’s major car-builders are also based in Europe.

Klimat-Fer run by chief executive Matteo Todesco, was founded in 1963 and is based in Padua.

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