Thursday, September 19, 2013
Mori Seiki To Add 'DMG' To Name Ahead Of Merger
NAGOYA (Nikkei)--Mori Seiki Co. (6141) said Wednesday that it will change its name to DMG Mori Seiki Co. on Oct. 1, ahead of a planned merger with capital and business partner Gildemeister AG of Germany.
Mori Seiki and Europe's largest machine tool manufacturer aim to complete their merger by 2020.
The Japanese machine tool maker has increased its stake in Gildemeister to 24.9%, while the German firm has boosted its interest in Mori Seiki to 9.6%. The two firms plan to integrate their products and take other steps to work more closely together.
Japan's Companies Act does not allow direct mergers between Japanese and foreign companies. Mori Seiki and Gildemeister are considering various options, including merging through an overseas subsidiary.
(The Nikkei, Sept. 19 morning edition)