Mitsubishi Electric Said to Seek $1.9 Billion Sale of Unit

Mitsubishi Electric Corp. will sell its automotive equipment business and plans to solicit bids for the unit, people familiar with the matter said.

The manufacturer will accept first-round proposals until Jan. 26 from potential buyers such as other car-parts suppliers, as well as from private equity funds, said the people, who asked not to be identified discussing internal plans. The divestment could fetch ¥200 billion to ¥300 billion ($1.3 billion to $1.9 billion) , one of the people said.