Mitsubishi Electric Logistics Corporation to Become Seino Subsidiary
MITSUBISHI ELEC UNSP/ADR (MIELY)
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mitsubishielectric.com/company/ir/index.html
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Source: Business Wire
TOKYO--(BUSINESS WIRE)--SEINO HOLDINGS CO., LTD. (TOKYO and NAGOYA: 9076) and Mitsubishi Electric Corporation (TOKYO: 6503) have today concluded a stock purchase agreement under which Seino will acquire 66.6 percent of the common shares of Mitsubishi Electric Logistics Corporation currently held by Mitsubishi Electric, and a shareholder agreement governing arrangements among shareholders regarding the business operations of the logistics company after the transaction.Subject to regulatory approvals from relevant authorities, the share transfer is expected to be concluded around October 1 this year and the company will become a subsidiary of Seino, which will hold 66.6 percent of the shares, and an equity-method affiliate of Mitsubishi Electric, which will hold the remaining 33.4 percent.The importance of building a sustainable logistics supply chain is growing in Japan, where labor shortages are weakening long-distance transportation capabilities, and emergencies such as pandemics
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