GLASTONBURY, Conn., May 17, 2013 /CNW/ - Mitsubishi Heavy Industries, Ltd. (MHI) announced today the completion of its acquisition of Pratt & Whitney Power Systems (PWPS). The acquired company will now be known as PW Power Systems and will be a core asset for a recognized global leader in the power generation industry.
MHI is at the forefront of innovation and has set the standard for high-efficiency power generation products by developing the most advanced gas turbine in the world. As a part of MHI's continuing growth initiative, the acquisition will enable MHI, which focuses on large capacity systems, to reach a broader range of customers through PW Power Systems, which offers small to medium sized power generation packages.
MHI's president, Shunichi Miyanaga, stated, "The synergistic effect of combining the talent and resources of MHI and PW Power Systems will lead to the significant growth of 'Energy & Environmental', one of MHI's four core corporate sectors, and also increase MHI's competitiveness in the worldwide power generation market."
"This will significantly extend MHI's equipment offerings and dramatically expand its service capabilities, making it a one stop shop for many customers," said Peter Christman, president of PW Power Systems. "At the same time, aligning with MHI will be a significant strategic benefit expanding our market reach and opening up new opportunities for PW Power Systems," said Christman.
MHI's resources and operations will also provide the essential synergy to allow PW Power Systems to grow with the increasing demand for flexible generation solutions.
PW Power Systems customers will continue to benefit from the cutting edge technology Pratt & Whitney offers with turbine engines as well as the company's manufacturing, engineering and supply chain expertise.
PW Power Systems will be headquartered in Glastonbury, Connecticut.
About Mitsubishi Heavy Industries
Mitsubishi Heavy Industries, Ltd. (MHI), headquartered in Tokyo, Japan, is one of the world's leading heavy machinery manufacturers, with consolidated sales of over $28 billion dollars in fiscal 2011, the year ended March 31, 2012. MHI's diverse lineup of products and services encompasses shipbuilding, power plants, chemical plants, environmental equipment, steel structures, industrial and general machinery, aircraft, space systems and air-conditioning systems.
For more information, please visit MHI's website.
SOURCE: Mitsubishi Heavy Industries, Ltd.
For further information:
Lucia Maffucci, 860-368-5535, Lucia.Maffucci@pwps.com