Mitsubishi Rebounds with Hitachi after Alstom Bid Failed

Mitsubishi Heavy Industries (MHI) has disclosed its plans for global growth within the energy sector, which it intends to achieve through its joint venture with Hitachi.

At an annual company meeting, MHI said that the expansion of its energy business was not reliant on the Alstom bid. The company lost the race for acquisition of several Alstom’s divisions together with Siemens, as Alstom Board of Directors decided to select GE’s offer.

“We intend to further accelerate Mitsubishi Hitachi Power Systems’ potential,” Bloomberg cites Mitsubishi Heavy Industries’ CEO Shunichi Miyanaga.

MHI revealed that its plan is to further boost its business in the U.S. and Europe and its strategy may include mergers and acquisitions. “We won’t exclude anything that will allow us to grow, whether it’s joint ventures or other possibilities,” Kazuaki Kimura, head of MHI’s industrial machinery division, told Bloomberg.

The company said that the energy sector continues to be in the focus of its expansion plans.