MHI Thermal Systems Concludes Agreement with Beijer Ref to Collaborate in Air-Conditioning and Heat Pump Business in UK and Ireland

Tokyo, March 13, 2018 - MHI Thermal Systems, Ltd., a Group company of Mitsubishi Heavy Industries, Ltd. (MHI), and Beijer Ref AB (Beijer Ref), one of the world's largest refrigeration and HVAC wholesalers, have agreed to pursue a strategic business collaboration in air-conditioning and heat pump products in the UK and Ireland. Mitsubishi Heavy Industries Air-Conditioning Europe, Ltd. (MHIAE), a wholly owned Group company of MHI based in London and Beijer Ref signed a framework agreement on March 12 in London for the establishment and operation of a joint venture company (JV) for the sales and servicing of products. The collaboration is intended to strengthen the close relationship between the two groups in order to significantly expand market share in those markets.

MHIAE is responsible for the sales and servicing of air-conditioning and heat pumps throughout the European market and will expand its business with Beijer Ref's group companies in UK and Ireland by means of this transaction.

The JV, scheduled to begin operations at the end of May, is to be named "3D Plus Limited" and will have both engineering and consulting functions to reinforce the sales and servicing of air-conditioning and heat pump systems. The technical experience of MHI and the distribution expertise of Beijer Ref will be combined to deliver a broader and more focused offering to customers.

Beijer Ref AB, headquartered in Malmö, Sweden, operates through group companies in 34 countries worldwide. It has operating bases throughout the UK and Ireland, providing products to the refrigeration industry.

MHI Thermal Systems will utilize the Beijer Ref network within the UK and Ireland and provide highly efficient and natural refrigerant CO₂ products for environmental interests and prevention of global warming.