Dec 1st - Mitsubishi Electric to buy German firm Vincotech to expand power device business

Mitsubishi Electric Corp. said Tuesday it will acquire German electronic component maker Vincotech Holdings SARL to enhance its energy-saving power semiconductor device business.
The Tokyo-based electronics firm agreed Monday with U.S. investment fund the Gores Group LLC, the shareholder of Vincotech, to purchase all shares in the German firm in late December, the company said.
The amount to be paid for the acquisition is likely to run into the billions of yen, though Mitsubishi Electric did not disclose the sum.
Vincotech specializes in the development, manufacturing and distribution of low power devices that are used as inverters for general industrial applications and power conditioners for solar power system applications, Mitsubishi Electric said.
Vincotech is expected to chalk up sales of 57.3 million euros in the year ending in December, according to Mitsubishi Electric.
With the acquisition, Mitsubishi Electric seeks to achieve sales of 190 billion yen in the power device business in fiscal 2015 from estimated sales of 117 billion yen in fiscal 2010 ending next March, the company said.
''We aim to further enhance our power device business by taking advantage of Mitsubishi's strengths in medium and high power device technology and of the low power device technology at which Vincotech excels,'' said its Senior Vice President Kazuo Kyuma.