News > Year 2007 > June

Announcement of Business Alliance with
Mitsubishi Heavy Industries, Ltd.

On June 8, 2007,  in an effort to further strengthen our alliance with Mitsubishi Heavy Industries, Ltd. (MHI), Nichiyu established an ownership relation with MHI. Nichiyu will issue new shares amounting to 4.2 billion yen, which will be underwritten by MHI. Consequently, MHI will become Nichiyu’s largest shareholder with 20% of its shares.

This arrangement will strengthen Nichiyu’s capital base, further enhance competitiveness in terms of both technology and cost, and ensure Nichiyu’s ability to continue supplying high-quality products. Moreover, MHI will be able to expand sales of its IC trucks in Japan by selling through Nichiyu distribution network in areas not served by MHI’s existing sales locations.

In the overseas market, the two companies plan to promote collaboration activities as much as possible. Through this effort, Nichiyu and MHI will continue to improve, grow, and succeed in an increasingly competitive industry.