Mitsubishi Electric : JUKI Corporation, Mitsubishi Electric Corporation, and Meiryo Technica Corporation complete the procedures for establishing a Joint Venture Company in the industrial sewing machine business
July 01, 2022 at 05:13 am
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July 1, 2022
JUKI Corporation
Mitsubishi Electric Corporation
Meiryo Technica Corporation
JUKI Corporation, Mitsubishi Electric Corporation, and Meiryo Technica
Corporation complete the procedures for establishing a Joint Venture Company in
the industrial sewing machine business
As announced on November 8, 2021, JUKI Corporation ("JUKI"), Mitsubishi Electric Corporation ("Mitsubishi Electric"), and Meiryo Technica Corporation ("Meiryo Technica") agreed to establish a joint venture company with the view to expanding their industrial sewing machine business in to the non-apparel industry. Following the announcement, April 25, 2022, of a small delay in the process, the three parties are now pleased to announce that the Performance of Contributions by JUKI (80%) and Mitsubishi Electric (20%) for the establishment of the joint venture company has been fulfilled. As of today, Meiryo Technica, a corporation wholly owned by Mitsubishi Electric, has established "JUKI TECHNOSOLUTIONS CORPORATION" as a new joint venture company handling the industrial sewing machine business.
JUKI TECHNOSOLUTIONS CORPORATION will combine industrial sewing machine technologies, products and system lineups of JUKI and Mitsubishi Electric to provide advanced and distinctive solutions to customers worldwide who are targeting the non-apparel industries such as automobile-related products and sports shoes. By differentiating itself in this way, JUKI TECHNOSOLUTIONS CORPORATION aims to become both the world's leader and the most powerful technology innovator in the non-apparel industry.
The establishment of JUKI TECHNOSOLUTIONS CORPORATION will enable the overseas subsidiaries of the JUKI Group to take over the business assets of the Mitsubishi Electric Group's overseas industrial sewing machines business in each region, including human resources and product inventories. JUKI TECHNOSOLUTIONS CORPORATION will thereby strengthen JUKI's ability to provide solutions and support to customers around the world.
Overview of the Joint Venture Company
Company name: JUKI TECHNOSOLUTIONS CORPORATION
Address: Head office at 2-11-1, Tsurumaki, Tama-shi, Tokyo 206-8551, Japan
Nagoya Office at 2039-1, Shimoi, Shimoi-machi,Owariasahi-shi, Aichi 488-0052, Japan
Description of business: Development, design, sales, after-sales service, etc. of industrial sewing machines
Date of establishment: July 1, 2022
Capital contribution ratio: JUKI 80%, Mitsubishi Electric 20%
Officers: Akira Kiyohara, Representative Director, Chairperson and CEO
Masanori Awasaki, Representative Director, President and COO
Takayuki Tsuzuki, Director (Senior General Manager, Nagoya Works, Mitsubishi Electric Corporation)
Hiroshi Anzai, Director (Managing Officer, JUKI CORPORATION) Masahiko Suzuki, Audit & Supervisory Board Member
Mitsubishi Electric Corporation Public Relations Division prd.gnews@nk.MitsubishiElectric.co.jp
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Mitsubishi Electric Corporation published this content on 01 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 July 2022 04:12:02 UTC.
Mitsubishi Electric Corporation is one of the world's leading manufacturers of electric and electronic equipment. Net sales (including intragroup) break down by family of products and by services as follows:
- industrial automation equipment (28.6%): programmable controllers, motor operators, counters, industrial robots, clutches, etc.;
- electric equipment (24.2%): generators, motors, transformers, power circuit breakers, testing systems, etc.;
- household appliances (22.4%): televisions, video recorders, air conditioners, refrigerators, lamps, vacuum cleaners, etc.;
- information and communication equipment (6.9%): mobile phones, satellites, aerials, medical and audiovisual equipment, servers, computers, etc.;
- electronic components and devices (4.7%): memory, logic integrated circuits, monitors, plasma screens, printed circuit cards, etc.;
- other (13.2%): financial services, real estate management, engineering and maintenance services, etc.
Net sales break down geographically as follows: Japan (52.1%), Asia (24.9%), Europe (11.1%), North America (10.3%) and other (1.6%).
Mitsubishi Electric : JUKI Corporation, Mitsubishi Electric Corporation, and Meiryo Technica Corporation complete the procedures for establishing a Joint Venture Company in the industrial sewing machine business
MITSUBISHI ELECTRIC CORPORATION 
