News story

Nichiyu and Mitsubishi merge operations

Thursday, 5 June 2008 ( #363 ) - TOKYO, Japan
Nippon Yusoki Co Ltd (Nichiyu) and Mitsubishi Heavy Industries Ltd will consolidate their domestic marketing activities through a new company slated for opening on 1 April 2009.

The new company, Nichiyu MHI Forklift Co Ltd, based in Nichiyu's headquarters at Nagaokakyo, Kyoto, will be active in the sales and service of forklifts for both manufacturers.

Both companies already collaborate on various projects like the development of an electric counterbalanced forklift and Nichiyu's distribution of electric forklifts under the MHI brand for export (Forkliftaction.com News #313).

They also partner their sales networks for the Japanese market. In a joint press statement, MHI and Nichiyu say it is important to further consolidate their operations to remain competitive.

MHI and Nichiyu say the consolidation will create customer and shareholder value through synergy generation and accelerated growth.

The companies' human resources, know-how, sales network and product line-up will be consolidated to establish a uniform sales and service system to improve customer satisfaction.

Nichiyu will invest over 50% of the company's capital and the new company will be a Nichiyu consolidated company. The current Nichiyu and MHI domestic sales companies will merge to become a wholly owned subsidiary of the new company.

MHI is Nippon Yusoki's largest shareholder after raising its 7.7% stake in the company to 20.1% last year.
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