News Release

Notice of Transfer of Shares in Consolidated Subsidiary (The Switch Engineering Oy)

NewsOct 20, 2023

YASKAWA Electric Corporation (“YEC”) hereby announces that its subsidiary Yaskawa Europe Holding AB (“YEH”) has entered into an agreement with BEMAC Corporation (“BEMAC”) and Mitsui & Co., Ltd. (“Mitsui”) to transfer all shares of The Switch Engineering Oy Group (“The Switch”) currently held by YEH to BEMAC and Mitsui (the “Share Transfer”).

Upon the execution of the Share Transfer, The Switch will cease to be a consolidated subsidiary of YEC.

Notice

1. Purpose of the Share Transfer

The purpose of the Share Transfer is to enhance the capital efficiency of the Yaskawa Group and to further promote the business development and growth of The Switch by utilizing the extensive experience and network that BEMAC and Mitsui hold especially in the marine business.

2. Overview of the Consolidated Subsidiary to be Transferred (The Switch)

Name	The Switch Engineering Oy
Address	Yrittäjänkatu 11, 65380 Vaasa, Finland
Title and Name of Representative	Miika Reinikka, Managing Director
Business Description	Development, manufacturing and sales of special electrical machines and high-power converters to marine, wind and high-speed applications.
Capital	5,284 thousand euros
Year Established	2006

3. Overview of the Purchasers

(1) BEMAC

Name	BEMAC Corporation
Address	105 Noma, Imabari-city, Ehime,Japan
Title and Name of Representative	Masato Oda, President and CEO
Business Description	・Manufacture, construction, and after-sales service of power distribution, control, and monitoring systems for vessels and industrial plants ・Electric vehicle business
Capital	90 million yen
Year Founded	1946

(2) Mitsui & Co., Ltd.

Name	Mitsui & Co., Ltd.
Address	1-2-1 Otemachi, Chiyoda-ward, Tokyo,Japan
Title and Name of Representative	Kenichi Hori, President & CEO
Business Description	Utilizing its global operating locations, network and information resources, Mitsui is multilaterally pursuing business that ranges from product sales, worldwide logistics and financing, through to the development of major international infrastructure and other projects in the following fields: Mineral & Metal Resources, Energy, Infrastructure Projects, Mobility, Chemicals, Iron & Steel Products, Food, Food & Retail Management, Wellness, IT & Communication Business, Corporate Development Business.
Capital	342,560 million yen
Year Established	1947

4. Impact on Financial Performance

The Share Transfer will have minimal impact on the consolidated financial performance of YEC.

For inquires, contact:
Corporate Communications Dept.
YASKAWA Electric Corporation
E-mail: pr@yaskawa.co.jp

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