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TOKYO, Oct 1, 2015 - (JCN Newswire) - - Transaction announced in May 2015 completed as per schedule
- The company renamed as Mitsubishi Mahindra Agricultural Machinery Co., Ltd.
- To represent the strategic partnership between Mitsubishi Heavy Industries and Mahindra & Mahindra in agricultural machinery
Mitsubishi Agricultural Machinery Co., Ltd (MAM) and Mahindra & Mahindra Ltd. (M&M), part of the USD 16.9 billion Mahindra Group headquartered in Mumbai, India today completed the transaction announced on May 21, 2015 as per schedule. The two companies entered into a capital tie-up through a third-party allocation of new shares. As a result of the capital infusion, the new shareholding is as follows: MHI now owns 66.7% and M&M 33.3%. Starting from October 1, the name of the company has been changed to "Mitsubishi Mahindra Agricultural Machinery Co., Ltd.", and the new organization has been announced. Please see below for more details.
In the new organization, Mr. Katsumi Tottori is appointed CEO and President (formerly President of MAM) and Mr. Sudhir Jaiswal is appointed as CFO and Senior Executive Vice President (formerly Vice President - Commercial and Business Planning, International Operations, Automotive Division of Mahindra & Mahindra). Takahiro Hisano is appointed as CTO and Senior Executive Vice President (formerly Vice President and General Manager of Development and Design of MAM).
With these developments, Mitsubishi Mahindra Agricultural Machinery will be in a position to execute business strategies for global expansion, along with a continued focus in the market in Japan. The company would benefit from M&M's product development capability, cost competitiveness and the first-class sales network especially in India, China and the US. At the same time, the company will also take advantage of the technology and brand power of MHI to strengthen its competitiveness in Japan and global markets.
Contact:
Hideo Ikuno
h.ikuno@daiya-pr.co.jp
+81-3-6716-5277
Topic: Press release summary
Source: Mitsubishi Heavy Industries, Ltd.
Sectors: Daily News
http://www.acnnewswire.com
From the Asia Corporate News Network
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