Mitsubishi, Ryobi Form Sheetfed Press Concern
HIROSHIMA, JAPAN—Mitsubishi Heavy Industries Printing & Packaging Machinery and Ryobi Limited have signed a shareholder agreement on the establishment of a joint venture and implementation of business integration in the field of sheetfed offset printing presses. The signing took place following receipt of approval by the two companies’ boards of directors.
The agreement finalizes plans to establish a joint venture integrating their respective sheetfed offset printing machinery businesses in a quest to achieve significant synergy effects including product line-up enhancement, expansion of product development capabilities, production cost reductions, and improvement in sales and service networks.
In creating their new joint venture, MHI-PPM and Ryobi seek to prevail against intensifying global competition and build a stronger presence in the global market. They also aim for the new entity to develop into a leading global company in the printing press industry by meeting customer expectations and providing quality products and services to the market.
The corporate name of the venture is RYOBI MHI Graphic Technology, headquartered in Hiroshima, Japan. Operations are slated to begin Jan. 1, 2014. Ryobi will have a 60 percent share in ownership to Mitsubishi's 40 percent. The business will employ 450.