Ube Machinery Corp. Ltd., Ube, Japan, has reached an agreement to acquire an 85 percent equity stake in Mitsubishi Heavy Industries Plastic Technology Co. Ltd., Nagoya, Japan. The agreement includes the transfer of Mitsubishi's injection molding sales bases in Ube's core overseas markets of North America, China and Thailand. All other overseas bases will remain under the management of Mitsubishi. Terms were not disclosed but the deal is expected to close by Jan. 1.
Ube made the move as part of its strategy to increase its visibility and expand its plastics processing machinery business via cost reductions, the introduction of new models and the expansion of its sales operations overseas. The company plans to create a wholly owned subsidiary that will handle the sales of its entire injection molding machinery business.
