Mitsubishi Electric Buys DelClima

Mitsubishi Electric announced on Christmas Eve that it has bought Italian air conditioning company DelClima.

Mitsubishi Electric now owns 74.97% of the DelClima share capital and it plans to buy the remaining 25.03% soon.

​The deal came to light in August 2015 when the Japanese firm paid DelClima's main investor, DeLonghi, around £489 million for its shares. 

The acquisition looks set to help develop Mitsubishi Electric's business in China and India where DelClima has a strong presence.