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MHI and NICHIYU Sign Agreements on Absorption-type Split and Integration of Forklift Truck Businesses
-- New Integrated Entity Name:"Mitsubishi Nichiyu Forklift Co., Ltd." --
-- New Integrated Entity Name:"Mitsubishi Nichiyu Forklift Co., Ltd." --
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Tokyo, February 6, 2013 - Mitsubishi Heavy Industries, Ltd. (MHI) and Nippon Yusoki Co., Ltd. (NICHIYU), in line with the basic agreement signed between the two companies on November 29, 2012, have signed an absorption-type split agreement and an integration agreement of their forklift truck operations following the passage today of related resolutions at the two companies' respective board of directors meetings.
The schedule of events (subject to change) is as follows:
| Conclusion of agreements on absorption-type split and integration of forklift businesses | February 6, 2013 |
| Extraordinary general shareholders meeting (NICHIYU) | March 14, 2013 |
| Effective date of the contemplated integration | April 1, 2013 |
The corporate spinoff is subject to the receipt of approval by NICHIYU's shareholders at an extraordinary general shareholders meeting scheduled for March 14, as well as approval by the pertinent governmental agencies, etc. as stipulated by law.
Approval by MHI shareholders through a general shareholders meeting is not required because in this instance the company spinoff fulfills the requirements of a "simple absorption-type split" as stipulated in Article 784, Paragraph 3, of the Companies Act.
About MHI Group
Mitsubishi Heavy Industries (MHI) Group is one of the world’s leading industrial groups, spanning energy, smart infrastructure, industrial machinery, aerospace and defense. MHI Group combines cutting-edge technology with deep experience to deliver innovative, integrated solutions that help to realize a carbon neutral world, improve the quality of life and ensure a safer world. For more information, please visit www.mhi.com or follow our insights and stories on spectra.mhi.com.