Subsidiaries of Sumitomo Heavy Industries, Ltd. and Mitsubishi Heavy Industries, Ltd. Conclude Absorption-Type Company Split Agreement for Industrial Crane
Sumitomo Heavy Industries Material Handling Systems Co., Ltd. (President: Katsuhide Yokota; hereinafter, "SHI Material Handling Systems"), a consolidated subsidiary of Sumitomo Heavy Industries, Ltd. (President and CEO: Shunsuke Betsukawa; hereinafter, "SHI"), and Mitsubishi Heavy Industries Machinery Technology Corporation (President: Mamoru Hasegawa; hereinafter, "MHI Machinery Technology"), a consolidated subsidiary of Mitsubishi Heavy Industries, Ltd. (President and CEO: Shunichi Miyanaga; hereinafter, "MHI"), have concluded an absorption-type company split agreement regarding the transferal of industrial crane (hereinafter, "crane") business, as described below.
Given this situation, SHI Material Handling Systems and MHI Machinery Technology have decided to pool their resources to increase their competitiveness in crane equipment, their area of expertise.
With this absorption-type company split, the two companies will enhance their lineup of equipment types and services, while at the same time merging their technical skills and know-how. Together with a more efficient allocation of managerial resources, these measures will allow the two companies to strengthen their ability to meet the demands of the Japanese market. In addition, by investing in efforts overseas and in new products and businesses, all of which are essential to future growth, the two companies aim to maintain competitiveness in the crane business.
(ladle cranes, ceiling-mounted cranes, container cranes, gantry cranes, etc.)
|1. Company name||Sumitomo Heavy Industries Material Handling Systems Co., Ltd.|
|2. Head office location||1-1 Osaki 2-chome, Shinagawa-ku, Tokyo, Japan|
|3. Representative||Katsuhide Yokota, President|
|4. Business description||Manufacture and sales of machinery for materials handling, logistics machinery, parking equipment, examination equipment, construction machinery, and other machinery for industrial and general applications and after-sales service|
|5. Capital||JPY 480 million|
|6. Date established||April 1, 1978|
|7. Major shareholder and shareholding||Wholly owned by Sumitomo Heavy Industries, Ltd.|
|1. Company name||Mitsubishi Heavy Industries Machinery Technology Corporation|
|2. Head office location||6-22, Kan-on-shin-machi 4-chome, Nishi-ku, Hiroshima, Japan|
|3. Representative||Mamoru Hasegawa, President|
|4. Business description||Design, manufacturing, marketing, and after-sales services for the following machinery: material handling systems and related machinery and equipment, as well as control systems; rubber and tire machinery and related machinery and equipment; chemical machinery; and industrial machinery|
|5. Capital||JPY 1,000 million|
|6. Date established||April 1, 2012 |
(MEC Engineering Service Co., Ltd., a precursor of MHI Machinery Technology, was established on October 1, 1984)
|7. Major shareholder and shareholding||Wholly owned by Mitsubishi Heavy Industries, Ltd.|
5. Schedule for this absorption-type company split
May 8, 2015: Conclusion of the absorption-type company split agreement
October 1, 2015: Planned date for the split (date on which the agreement takes effect)