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Mitsubishi, Ryobi sign agreement to integrate sheetfed press businesses

Mitsubishi Heavy Industries Printing & Packaging Machinery (MHI-PPM) and Ryobi have entered into a shareholder agreement to set up a joint venture (JV) and integrate sheetfed press businesses.

Both the Japan-based companies, MHI-PPM and Ryobi, manufacture and market sheet-fed offset printing presses.

The agreement finalizes plans to establish a JV integrating their respective businesses in order to achieve synergy effects including product line-up enhancement and expansion of product development capabilities.

The synergy effects also include production cost reductions, and improvement in sales and service networks.

In creating their new JV, the companies seek to prevail against intensifying global competition and build a presence in the global market.

The companies also aim for the new entity to develop into a global company in the printing press industry by meeting customer expectations and providing new products.