OREANDA-NEWS. Mitsubishi Electric Corporation announced that it has assumed ownership of Brazilian elevator and escalator company LGTECH ELEVADORES S.A. (LGT), launching business operations under the name MELCO ELEVADORES DO BRASIL S.A. this month. Mitsubishi Electric will further expand its elevator and escalator business through its full-scale entry into the Brazilian market, the largest in South America.

By bringing in LGT, which was founded in 2006, as a subsidiary, Mitsubishi Electric will quickly be able to provide safe, high-quality products and services to the Brazilian market by making full use of LGT's technological strength, management resources and rigorous quality control gained through its manufacturing, sales, installation and maintenance businesses.

In recent years, demand for elevators and escalators in Brazil has exceeded 15,000 units annually. Supported by steady economic growth, demand is expected to continue rising with new investment in construction spurred by an expanding middle class and a population shift to urban areas.