ITALY: An agreement has been reached for Mitsubishi Electric Corp's European business to acquire an 80% stake in Padova-based rolling stock air-conditioning supplier Klimat-Fer SpA from April 2014.

Announcing the agreement on December 16, the companies said Mitsubishi Electric's advanced technical knowledge would be combined with Klimat-Fer's innovation and sales skills.

'Klimat-Fer is a well-established and respected business in this sector both in Italy and Europe', said Takahiro Kikuchi, Executive Officer & President of the Public Utilities Systems Group at Mitsubishi Electric. 'We are very pleased to be joining forces with them to strengthen our market share across Europe and enhance our product development and sales offer.'