We are now at the beginning of a new era. BEMAC Corporation, as the majority shareholder, together with Mitsui & Co. have entered into a share purchase agreement to acquire 100% of the shares of The Switch group from Yaskawa. The final closing will be subject to a few conditions, like regulatory approvals. This is expected to take place at the beginning of next year.
BEMAC, established in 1956, is one of the biggest marine electrical machinery suppliers in Japan. In addition to its marine business, BEMAC operates a marine plant business, an industrial plant business and an electric vehicle business. Currently, BEMAC has an overseas office in Amsterdam and subsidiary companies located in Singapore, Vietnam, China and the Philippines. The entire group has a revenue of JPY 27 billion (EUR ~170 million) and over 1,000 employees.
Mitsui & Co., founded in 1876, is a global trading and investment company with a presence in more than 60 countries and a diverse business portfolio covering a wide range of industries, such as shipping and energy development, among others. Mitsui promotes a global transition to low-carbon and renewable energy and empowers people to lead healthy lives through the delivery of quality healthcare and access to good nutrition. The entire group has revenue of JPY 14,300 billion (EUR ~90 billion) and almost 5,500 employees (46,800 consolidated).
Both BEMAC and Mitsui see the value of The Switch special electrical machine and high-power converter products and technologies for various decarbonization applications. In particular, The Switch permanent magnet machine and DC distribution products can help our joint customer base accelerate efforts to reach net-zero emission shipping.
The collaboration with our new shareholders, their business foundations and capabilities will accelerate our business growth and contribute to our customers’ efforts to reduce greenhouse gas and increase energy efficiency. These shareholders have the capability and willingness to invest in The Switch to enable new product innovation and guarantee long-term support for our products and installed base.
The Switch will continue to serve its current and future customers as a product supplier, like we are doing now. Our current partners and suppliers are essential for us to serve our customers well.
The Switch team welcomes our new shareholders. We are excited about the new opportunities ahead to serve our current customers together – now stronger than before!
Division President & Chairman of the Board
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