Mitsui to Form JV with Mori Seiki and Gildemeister in Europe
Tokyo, Nov 11, 2009 (JCN) - Mitsui & Co., Mori Seiki and Gildemeister AG (DMG) have reached agreement on the transformation of a European machine tool sales and finance company into a joint venture.
Mitsui operates a wholly owned machine tool leasing company based in Germany, MFS Europe Gmbh, which will be converted into a joint venture through the capital participation of Mori Seiki and DMG, which formed a business and capital alliance in March 2009. This joint venture will specialize in the provision of finance leases for products manufactured by Mori Seiki and DMG.
Mitsui will own 34% of the joint venture, with Mori Seiki and DMG each taking 33% stakes. The name of the company will be changed to MG Finance GmbH. It will develop its business operations across Europe and provide support for sales of machine tools from a financing perspective.
Mitsui is actively engaged in sales of Mori Seiki's machine tools in Japan, the United States, Russia and Brazil. By working with Mori Seiki and DMG, which are two of the world's leading manufacturers, it aims to provide increased finance-related support for machine tool sales and bring about a convergence of sales and finance.
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