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New Joint Venture Between Mitsuchi and SUMEEKO in Discussion
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2023-11-21
Mitsuchi has held detailed discussions on establishing a joint venture with Taiwan's TPEx listed company SUMEEKO Ind. Co., Ltd. The company's board of directors passed a resolution on October 31, 2023 and decided that the basic guidelines of the joint venture are as follows. The specific details will be adjusted after a formal agreement with SUMEEKO is reached in the future.
1. Background
Mitsuchi has manufacturing plants in Thailand, the United States and China, and has been producing and selling auto parts for Japanese auto parts manufacturers in the respective regions. SUMEEKO, which has no business relationship with Mitsuchi, is planning to manufacture fasteners locally for American EV manufacturers. In the process of expanding global orders, Mitsuchi is in line with SUMEEKO's intentions. In September, the two parties began discussions to establish a joint venture with Mitsuchi's production base MICA in Tennessee, U.S.A.
After repeated discussions, Mitsuchi decided to establish a joint venture with SUMEEKO under the following framework, and will coordinate subsequent details after obtaining the formal consent of SUMEEKO.
2. Basic Guidelines
The joint venture (hereinafter referred to as the "New Company") will be jointly owned by MICA and SUMEEKO at a ratio of 3:7 and will use part of the land and buildings owned by MICA as its production base. The new company's premises are leased by MICA. The new company will be a joint venture and produce fasteners for U.S. automakers.
3. Future prospects
If this transaction materializes, the impact on Mitsuchi's consolidated results for the year ended June 30, 2024 will be minimal. However, Mitsuchi believes it will help improve operating performance.
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