March 21, 2019

MITSUBISHI AND TURKISH FORM GROUP ANNOUNCES JOINT VENTURE

NEWS – Mitsubishi Heavy Industries and Turkish Form Group announces agreement to form joint venture.

Mitsubishi Heavy Industries Thermal Systems Ltd., a group company of Mitsubishi Industries (MHI) and Turkish group company Form VRF Sistemleri Sanayi ve Ticaret A.S. announces agreement to form joint venture.

Mitsubishi will acquire a portion of shares in Form Group which has manufacturing, sales and service facilities for air conditioners and heat pumps. Form Group has been the Mitsubishi’s local agent for 8 years.

New company which will be called Form MHI Klima Sistemleri Sanayi ve Ticaret A.S. is expected to have a stronger sales network and also expand market shares through cooperation of the groups.

To achieve the goals, joint venture which is projected to be mainly focused on building use air conditioning systems (VRF) will be operative from April and headquarted in Istanbul.

“The joint venture will contribute to hvac sector and national economy”

Mentioning air conditioners are not luxury items and they enchace our life quality, Chairman of Executive Council of Form Group Tunc Korun said compared to other Mediterranian countries Turkey has very high potential in the air conditioner market.

He stated Form Group has been European leader mutiple times with Mitsubishi Heavy Endustries branded product sales in the greatest market of VRF in Europe.

“This join venture agreement with Japanese MHIAE, one of the biggest air conditioner manufacturers in the world, will also contribute to country’s economy. As one of the companies with 55 years of experience in the sector, we are proud to be a part of this investment that will provide added value to both the national economy and our sector” he said.

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