JUKI Corporation, Mitsubishi Electric Corporation and Meiryo Technica Corporation have decided to establish a joint venture company to serve the industrial sewing machine market.
Subject to approval by the relevant authorities, Meiryo Technica, a group company of Mitsubishi Electric which already operates in the industrial sewing machine industry, will establish a new company in which joint venture partner JUKI will hold 80% and Mitsubishi Electric will hold 20% ownership.
The new company is expected to start operations in May 2022.
The purpose of the joint venture company will be to expand business in the industrial sewing machine market by providing high added-value products and services to customers in non-apparel markets such as the automotive industry.
Background to the establishment of the joint venture company JUKI, an established industrial sewing machine business operating in both apparel and non-apparel markets such as the automotive industry, and Mitsubishi Electric, whose groupʼs industrial sewing machine business focuses mainly on the non-apparel market, have agreed to strengthen their business operations in the growing non-apparel market.
To realize this, they have decided to establish a joint venture company to operate their industrial sewing machine businessʼ for further business growth.
Through this business collaboration, Meiryo Technicaʼs advanced technologies and product lineup developed to meet the needs of the automotive market, and JUKIʼs strong general-purpose technologies and products will be merged, with additional resulting growth expected in the non-apparel market by utilizing JUKIʼs global sales channels.