TOKYO - Mitsubishi Electric (OTC:MIELY) Corporation has taken an equity stake in HACARUS Corporation, as both companies look to expand their existing collaboration in developing artificial intelligence (AI)-based visual inspection systems for the manufacturing sector. This strategic partnership aims to leverage the strengths of both companies to enhance technological advancements and business opportunities.
The collaboration will utilize HACARUS' expertise in AI to bolster Mitsubishi Electric's development and provision of integrated, automated AI-based visual inspection solutions. These advancements are intended to help customers improve manufacturing quality and productivity. HACARUS will benefit from Mitsubishi Electric's extensive sales network in Japan and abroad, which can facilitate the wider distribution of its products and services.
HACARUS has developed 'HACARUS Check,' a visual inspection solution that employs compact AI technology. The company also specializes in integrating AI with various factory automation devices. In December 2023, Mitsubishi Electric launched 'MELSOFT VIXIO,' an AI-based visual inspection software that incorporates the firm's proprietary Maisart AI technology. This software is designed to automate visual inspection processes, enhance manufacturing quality, and provide a solution to Japan's dwindling labor force.
Toshie Takeuchi, Group President of Mitsubishi Electric's Factory Automation Systems Group, highlighted the importance of the partnership in addressing societal challenges. "The automation of production lines is accelerating due to labor shortages, but many visual inspections are still performed manually by humans," Takeuchi stated. "Through this collaboration, we look forward to strengthening our response to customer needs through MELSOFT VIXIO, supported by HACARUS' expertise in AI-based visual inspection, to address labor shortages in the manufacturing sector."
The partnership between Mitsubishi Electric and HACARUS underscores the growing trend of integrating AI into industrial applications to address labor market constraints and improve efficiency in manufacturing.
This announcement is based on a press release statement.
InvestingPro Insights
In light of Mitsubishi Electric Corporation's strategic move to enhance AI-based visual inspection systems, current InvestingPro data reflects a robust financial profile for the company. With a market capitalization of $31.0 billion and a solid P/E ratio of 17.83, Mitsubishi Electric stands as a prominent player in the Electrical Equipment industry. Notably, the company's P/E ratio has adjusted slightly to 17.47 over the last twelve months as of Q2 2024, suggesting a stable valuation relative to its earnings growth.
Key performance metrics such as a revenue growth of 11.22% over the last twelve months and a gross profit margin of 29.12% highlight the company's financial health and efficiency. Additionally, Mitsubishi Electric has demonstrated a strong return over the last three months, with a 25.74% price total return, and an impressive 43.64% return over the last year. These figures underscore the company's ability to capitalize on business opportunities and maintain a competitive edge.
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