Press Information
Notice Regarding the Completion of an Absorption-Type Company Split for the Industrial Crane Business of the Subsidiaries of Both Sumitomo Heavy Industries, Ltd. and Mitsubishi Heavy Industries
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Following the press release issued on May 8, 2015 entitled "Subsidiaries of Sumitomo Heavy Industries, Ltd. and Mitsubishi Heavy Industries, Ltd. Conclude Absorption-Type Company Split Agreement for Industrial Crane Business", Sumitomo Heavy Industries Material Handling Systems Co., Ltd. (hereinafter referred to as "SHI Material Handling Systems"), a consolidated subsidiary of Sumitomo Heavy Industries, Ltd. (hereinafter referred to as "SHI"), and Mitsubishi Heavy Industries Machinery Technology Corporation (hereinafter referred to as "MHI Machinery Technology"), a consolidated subsidiary of Mitsubishi Heavy Industries, Ltd. (hereinafter referred to as "MHI"), today announced that they have completed the absorption-type company split of their industrial crane (hereinafter, "crane") business. Details of this move are provided below:
1. Objective
With this absorption-type company split, SHI Material Handling Systems will enhance its line-up of industrial cranes and related services, while at the same time expand its technical skills and know-how in the field. Together with a more efficient allocation of managerial resources, these measures will allow SHI Material Handling Systems to strengthen its ability to meet the demands of the Japanese market. In addition, by investing growth resources to overseas markets as well as new products and businesses in the future, SHI Material Handling Systems aims to maintain competitiveness in the crane business.
2. Overview of the Absorption-Type Company Split
(1) Summary of Business Undergoing the Absorption-Type Company Split
The crane business of MHI Machinery Technology (products include ladle cranes, overhead cranes, container cranes, gantry cranes, etc.).
(2) Method for Absorption-Type Company Split
The business transfer was completed through an absorption-type company split whereby MHI Machinery Technology acted as the divesting company, and SHI Material Handling Systems acted as the absorbing company. MHI has acquired a 17.2% stake in SHI Material Handling Systems, and intends to continue to be involved in the crane business as a shareholder.
3. Overview of SHI Material Handling Systems
| 1. Company name | Sumitomo Heavy Industries Material Handling Systems Co., Ltd. |
| 2. Head Office Location | 5/F Sumitomo Realty & Development Hibiya Building, 8-6 Nishi-Shinbashi 2-Chome, Minato-ku, Tokyo, Japan |
| 3. Representative | Katsuhide Yokota, President |
| 4. Business Description | Manufacturing and sales of machinery for materials handling, logistics machinery, parking equipment, inspection equipment, construction machinery, and other machinery for industrial and general applications and after-sales service |
| 5. Capital | JPY 480 million |
| 6. Date of Establishment | April 1, 1978 |
| 7. Major Shareholders and Shareholdings | Sumitomo Heavy Industries, Ltd. – 82.8% |
About MHI Group
Mitsubishi Heavy Industries (MHI) Group is one of the world’s leading industrial groups, spanning energy, smart infrastructure, industrial machinery, aerospace and defense. MHI Group combines cutting-edge technology with deep experience to deliver innovative, integrated solutions that help to realize a carbon neutral world, improve the quality of life and ensure a safer world. For more information, please visit www.mhi.com or follow our insights and stories on spectra.mhi.com.