- Mitsubishi Motors Corporation (MMC) today announced plans to sell its wholly owned subsidiary Ryowa Sheet and Metal Processing Co. Ltd. to Futaba Industrial Co. Ltd. The transaction is for all 300,000 outstanding shares and will take place during the current fiscal year ending March 31, 2004.
The sale is part of MMC's procurement strategy calling for a renewed focus on cost and quality performance in all areas of purchasing. By aligning itself with Futaba - a major supplier to the auto industry - Ryowa expects to be able to more effectively concentrate resources on increasing overall competitiveness. MMC will directly benefit from this increased competitiveness as Ryowa is MMC's main supplier for stamping, welding and body parts in the Nagoya area.
Ryowa, established in 1964 in Aichi, Japan, is capitalized at 150 million yen and had sales of 6.9 billion yen in fiscal 2002.
