Independent management and enhanced profitability of the core joint venture
First written in FY2016. 5 of 10 entries say "Advanced", first in FY2020-Q3. Latest entry: FY2022.
No other company in this theme has enough history to compare yet.
- FY2022AchievedAnnual report
「Effective 1 October 2021, succession to the thermal power-generation systems business and other operations of consolidated subsidiary Mitsubishi Power, Ltd.」
The absorption-type company split transferring Mitsubishi Power's thermal power-generation systems business and other operations to the Company took effect on 1 October 2021, and integration was carried out toward the integrated operation of the resources of both companies. The transferred assets were ¥884.5 billion and liabilities were ¥399.0 billion. - FY2022-Q1AdvancedAnnual report
「By succeeding to Mitsubishi Power, Ltd.'s thermal power-generation systems business and other operations, effective 1 October 2021, the Company will be able to dynamically operate the resources of both companies on an integrated basis. This will allow it to rapidly advance in parallel the decarbonization of the thermal power-generation systems promoted by Mitsubishi Power, Ltd. and the development of hydrogen and CO2 ecosystems promoted by the Company, further accelerating the energy transition that is the Group's growth engine.」
The Company decided to succeed to Mitsubishi Power's thermal power-generation systems business and other operations. An absorption-type company split agreement was signed on 30 July 2021, with the transaction scheduled to take effect on 1 October. - FY2021ReframedAnnual report
「To accelerate various initiatives toward this “energy transition,” the Group will integrate Mitsubishi Power, Ltd. into the Company in October 2021.」
Following the previous approach of treating MHPS (Mitsubishi Power) as an independently managed joint venture even after it became a wholly owned subsidiary, the plan changed from that approach to integrating Mitsubishi Power's thermal power-generation systems business and other operations into the Company to accelerate the energy transition. - FY2021-Q2AdvancedAnnual report
「In accordance with the agreement entered into with Hitachi,Ltd. on 18 December 2019, the Company acquired on 1 September 2020 all shares in Mitsubishi Hitachi Power Systems Co., Ltd., held by Hitachi,Ltd.; the company changed its name to Mitsubishi Power, Ltd. on the same date.」
Regarding MHPS, the Company acquired Hitachi,Ltd.'s 35% holding on 1 September 2020, making MHPS a wholly owned subsidiary. The company name changed to Mitsubishi Power, Ltd. - FY2021-Q1AdvancedAnnual report
「Hitachi,Ltd.'s obligations ・Transfer to the Company all of Hitachi,Ltd.'s shares in MHPS (35%), a business company focused on thermal power-generation systems in which the Company and Hitachi,Ltd. hold interests. In July 2020, after approvals from the antitrust authorities of the relevant countries had been obtained, the parties discussed the timing of the transfer to the Company of all shares in Mitsubishi Hitachi Power Systems held by Hitachi,Ltd. and agreed to complete the transfer on 1 September 2020.」
Regarding the acquisition of Hitachi,Ltd.'s 35% holding in MHPS, approvals from the antitrust authorities of the relevant countries were obtained, and the parties agreed to transfer the shares on 1 September 2020. The procedures for making MHPS a wholly owned subsidiary became concrete. - FY2020AdvancedAnnual report
「Hitachi,Ltd.'s obligation: transfer to the Company all of Hitachi,Ltd.'s shares in MHPS (35%), a business company focused on thermal power-generation systems in which the Company and Hitachi,Ltd. hold interests.」
Following the settlement with Hitachi,Ltd., an agreement was reached to acquire Hitachi,Ltd.'s 35% holding in MHPS. The share transfer is subject to approval from antitrust authorities in multiple countries, and the process of making MHPS a wholly owned subsidiary is not yet complete. - FY2020-Q3AdvancedAnnual report
「With regard to the Company's 65.0% voting-rights ownership ratio in its consolidated subsidiary Mitsubishi Hitachi Power Systems Co., Ltd. (MHPS), the Company entered into an agreement with Hitachi,Ltd. in December 2019 under which part of the transaction involved Hitachi,Ltd. transferring all of its shares in MHPS to the Company.」
Regarding MHPS, an agreement was signed to acquire all shares equivalent to Hitachi,Ltd.'s 35% holding, marking concrete progress toward making MHPS a wholly owned subsidiary. The share transfer requires approval from antitrust authorities in multiple countries. - FY2019RestatedAnnual report
「To further expand business scale and strengthen its business platform, Mitsubishi Hitachi Power Systems Co., Ltd. will strengthen product competitiveness by further improving the power-generation efficiency of its latest models, which contribute to CO2 reduction. It will also advance the development of new technologies, including 100%-hydrogen-fired gas turbines and autonomous operation, with a view to a decarbonized society, and enhance its competitive position in the gas turbine market, which is expected to remain robust over the medium to long term.」
Regarding the strengthening of MHPS's business scale and earnings power, initiatives including efficiency improvements in its latest models, hydrogen gas turbines and autonomous operation are continuing. - FY2017RestatedAnnual report
「The 3 companies, Mitsubishi Hitachi Power Systems Co., Ltd., Primetals Technologies and Mitsubishi Heavy Industries Forklift & Engine Turbo Holdings Co., Ltd., will further accelerate PMI.」
For the 3 core companies, the Group continues to strengthen competitiveness and earnings power by accelerating PMI, reducing costs, and restructuring business operations and manufacturing sites. - FY2016First statedAnnual report
「Mitsubishi Hitachi Power Systems Co., Ltd., Primetals Technologies and Mitsubishi Heavy Industries Forklift & Engine Turbo Holdings Co., Ltd., the 3 core companies of the Group, are positioned as independently managed joint ventures. The Group will promote swift, autonomous management suited to each company's business characteristics and seek to strengthen their competitiveness and earnings power.」
The 3 companies are positioned as independently managed joint ventures, with a policy of promoting autonomous management.