Friday, July 29, 2011
TMEIC buys GE Energy's Interest
Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC) and General Electric Company (GE) have reached an amicable agreement to separate their industrial drive systems joint venture--TM GE Automation Systems LLC (TMEIC GE)--to reflect changes in business strategies within both organizations.
As a result, TMEIC has purchased GE Energy’s ownership interest in TMEIC GE. Effective today, TMEIC GE will become TMEIC Corporation, headquartered in Roanoke.
TMEIC Corporation is a wholly owned U.S. subsidiary of Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC), a manufacturer of large industrial motors and drives automation headquartered in Tokyo.
TMEIC and GE will cooperate during the transition to meet existing commitments to customers of TMEIC GE. Both companies are working to support implementation continuity on current projects.