As announced in an earlier press release dated November 8, 2021, JUKI CORPORATION (“JUKI”), Mitsubishi Electric Corporation (“Mitsubishi Electric”), and Meiryo Technica Corporation (“Meiryo Technica”) have agreed to establish a joint venture company to branch out into an expanded industrial sewing machines business in non-apparel industry. While the joint venture company was originally slated to commence operations in May of 2022, it took several more months than expected to obtain the necessary approvals and licenses from the appropriate government authorities pertaining to the antitrust laws and competition laws.
JUKI has at length obtained all of the necessary approvals from the appropriate government authorities. Consequently, JUKI is pleased to announce that the joint venture company, “JUKI TECHNOSOLUTIONS CORPORATION,” will be established and commence operations on July 1, 2022.
There has been no change in the original terms for the joint venture company. Meiryo Technica, a corporation handling the industrial sewing machines within the Mitsubishi Electric Group, will establish the new company, and JUKI and Mitsubishi Electric will invest in 80% and 20% stakes, respectively, to make it a joint venture company.
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