Notice of Conclusion of Agreement Between Aisin Seiki Co., Ltd. and Art Metal MFG. Co., Ltd. on Transfer of Piston Business Unit
Mar. 24, 2017
Aisin Seiki and Art Metal MFG. Co., Ltd. ("Art Metal," President: Mitsunori Ishihara) concluded an agreement on transfer of the piston business unit from Aisin Seiki to Art Metal, based on the ideas outlined in an agreement on integration of management concluded on April 19, 2016.
Amid cutthroat competition in the global market, we aim to establish the world's most competitive piston business unit, accelerate development of related system products, and apply both companies' strengths to further future growth. We aim to establish a management system with maximum market competitiveness by consolidating optimal functions and establishing cooperative frameworks, maximizing the resources and technological assets of both companies.
By transferring the piston business unit from Aisin Seiki to Art Metal so as to heighten competitiveness as swiftly as possible, Aisin Seiki and Art Metal will establish an integrated system, from global sales expansion and development to production, through shared utilization of both companies' customer bases and overseas locations.
[Outline of the piston business unit transfer agreement]
1. Date of business unit transfer agreement: March 24, 2017
2. Business unit to be transferred Aisin Seiki piston business unit
3. Outline of the transfer agreement
(1) Development functions: to be transferred as of April 1, 2017
(2) Domestic production: to be transferred progressively after April 1, 2017
(3) Domestic commercial rights: to be transferred progressively after April 1, 2017
Following this business unit transfer agreement Art Metal aims to promote efficiency in production and development, improve quality and competitiveness of piston business unit products, and expand the scale of the business. Aisin Seiki aims to promote efficiency of management of Group projects, and bring Group technologies together to develop attractive new products and expand sales in the automotive-related fields, boosting company value.