Mitsubishi Heavy Industries Ltd. plans to sell its logistics equipment manufacturer, Mitsubishi Logisnext, to "boost capital efficiency," Nikkei reported.

The Japanese electrical equipment corporation and Logisnext have reportedly found a financial adviser for the sale and are currently "narrowing down" which investment fund to give exclusive negotiating rights to. The report also states that Logisnext's market capitalization was approximately ¥120 billion ($800 million) as of Thursday. Mitsubishi Heavy could sell its entire stake in the company, which was about 64.6% at the end of March, which could potentially make the deal worth around ¥100 billion, according to the report.

Mitsubishi Logisnext was created in 2017 when Mitsubishi Nichiyu Forklift merged with UniCarriers. Its latest earnings report showed a decrease in net sales and operating profit, which is why the company revised down its forecast for the fiscal year ending March 31, 2025.