The Finnish company The Switch has new owners, but remains in Japanese hands. The company is now looking to expand its global reach.
The Switch Engineering, a Finland-based supplier of specialized electrical machinery and high-power converters, has announced that Japanese majority shareholder Bemac Corporation, together with trading and investment group Mitsui & Co, has acquired 100% of the company’s shares. [ds_preview]
Founded in 2006, the company had also belonged to the Japanese Yaskawa Electric Corporation since 2014. In 2016, The Switch caused a stir with the takeover of Wärtsilä’s powertrain division. The takeover by Bemac and Mitsui was completed following a share purchase agreement signed last October
The Finnish company is known for its permanent magnet machines (PMM), maritime drive technology (DC hubs and single drives) and high-speed induction motors (SRM). The company’s PMM technology is an essential component of shaft generators for large ships, propulsion motors for electric ships and wind power generators. The technology is said to be characterized by its efficiency, compactness and low maintenance costs.
In view of the International Maritime Organization’s (IMO) goal of zero greenhouse gas emissions from shipping by 2050, the company anticipates “significant growth in the shipping sector”.
The Switch aims to expand global reach under the Bemac brand
“As part of this acquisition, we are pleased to announce that all of The Switch’s products will be marketed under the Bemac brand going forward. This unification symbolizes our commitment to providing best-in-class products and services under the BEMAC umbrella and further expanding our global footprint,” said Miika Reinikka, President and CEO of The Switch.
Bemac President Masato Oda commented: “The Switch, in partnership with Bemac and Mitsui & Co., will continue to electrify the world with innovative solutions. We look forward to the opportunities that this strategic acquisition will bring. We are confident that the partnership will allow us to continue to grow and innovate together with our customers, and we are excited about what the future holds.”
