Japan-based Ube Machinery Corp. Ltd. has completed the purchase of the majority stake in the injection molding business of Mitsubishi Heavy Industries Ltd. (MHI), which is also headquartered in Japan.
First announced in July 2016, the deal was completed on January 1. Ube Machinery has acquired an 85 per cent equity stake in Mitsubishi Heavy Industries Plastic Technology “in order to secure the latter’s worldwide business in injection molding machines.”
The terms of the deal have not been disclosed.
As a result of the share transfer, Mitsubishi Heavy Industries Plastic Technology Co., Ltd. has relaunched operations under a new structure and a new corporate name: U-MHI Platech Co., Ltd. (U-MHIPT). Simultaneously, Ube Machinery has begun operations at a newly established entity, named U&M Plastic Solutions Co., Ltd., charged with marketing products produced by both Ube Machinery and U-MHIPT.
“By bringing together their key strengths, U-MHIPT and U&M Plastic Solutions, will offer superlative proposals and deliver products and services of great satisfaction to customers around the world, offering more advanced technological capabilities, product lineup and product servicing,” Ube Machinery said in a statement.
