Two Tokyo-based manufacturers of injection molding machines have completed a transfer of shares as part of an agreement to join forces.
As part of the agreement, Ube Machinery Corp. Ltd. and Mitsubishi Heavy Industries Plastic Technology Co. Ltd. both announced the creation of new business entities, with Mitsubishi Heavy Industries Plastic Technology being relaunched as U-MHI Platech Co. Ltd. (U-MHIPT). Ube Machinery also has begun operating a new entity, U&M Plastic Solutions Co. Ltd., which will market products made by its parent company, as well as by U-MHIPT.
The partnership, first announced in July, allowed Ube Machinery to acquire an 85 percent equity stake in Mitsubishi Heavy Industries Plastic Technology. The companies hope to better leverage their combined products, technological strengths, and sales and service networks, while reducing manufacturing costs.
