Mitsubishi Agricultural Machinery and Mahindra announce start of their strategic partnership
- 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
Mumbai, October 1, 2015: 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.
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 Vice President (formerly Vice President – Commercial and Business Planning, International Operations, Automotive Division of Mahindra & Mahindra). Takahiro Hisano is appointed as CTO and Senior 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.
About Mitsubishi Heavy Industries
Mitsubishi Heavy Industries, Ltd. (MHI), headquartered in Tokyo, Japan, is one of the world’s leading heavy machinery manufacturers, with consolidated sales of 3,992.1 billion yen in fiscal 2014, the year ended March 31, 2015. MHI’s diverse lineup of products and services encompasses shipbuilding, power plants, chemical plants, environmental equipment, steel structures, industrial and general machinery, aircraft, space systems and air-conditioning systems.
For more information, please visit the MHI website (http://www.mhi-global.com/index.html).
About Mitsubishi Agricultural Machinery
Mitsubishi Agricultural Machinery Co., Ltd. (MAM), headquartered in Matsue, Shimane, is a fully owned subsidiary of Mitsubishi Heavy Industries, Ltd. with consolidated sales of 35.3 billion yen in fiscal 2012, the year ended March 31, 2013. MAM has a manufacturing and sales diverse lineup of agricultural machinery such as “tractors”, “power tillers”, “planters”, “combine harvesters”, and ”plant and facility” for agriculture markets in Japan and worldwide.
For more information, please visit the MAM website: http://www.mam.co.jp/english/index.html
The Mahindra Group focuses on enabling people to rise through solutions that power mobility, drive rural prosperity, enhance urban lifestyles and increase business efficiency.
A USD 16.9 billion multinational group based in Mumbai, India, Mahindra provides employment opportunities to over 200,000 people in over 100 countries. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technologyfinancial services and vacation ownership. In addition, Mahindra enjoys a strong presence in the agribusiness, aerospace, components, consulting services, defence, energy, industrial equipment, logistics, real estate, retail, steel, commercial vehicles and two wheeler industries.
In 2014, Mahindra featured on the Forbes Global 2000, a comprehensive listing of the world’s largest, most powerful public companies, as measured by revenue, profit, assets and market value. The Mahindra Group also received the Financial Times ‘Boldness in Business’ Award in the ‘Emerging Markets’ category in 2013.
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