Joint venture to form new industrial sewing machine business

JUKI Corporation, Mitsubishi Electric Corporation and Meiryo Technica Corporation have agreed 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.