JUKI Corporation, Mitsubishi Electric Corporation, and Meiryo Technica Corporation complete the procedures for establishing a Joint Venture Company in the industrial sewing machine business

As announced on November 8, 2021, JUKI Corporation (“JUKI”), Mitsubishi Electric Corporation (“Mitsubishi Electric”), and Meiryo Technica Corporation (“Meiryo Technica”) agreed to establish a joint venture company with the view to expanding their industrial sewing machine business in to the non-apparel industry. Following the announcement, April 25, 2022, of a small delay in the process, the three parties are now pleased to announce that the Performance of Contributions by JUKI (80%) and Mitsubishi Electric (20%) for the establishment of the joint venture company has been fulfilled. As of today, Meiryo Technica, a corporation wholly owned by Mitsubishi Electric, has established “JUKI TECHNOSOLUTIONS CORPORATION” as a new joint venture company handling the industrial sewing machine business.