MORNINGSIDE GROUP, SHANGHAI ELECTRIC GROUP PURCHASE AKIYAMA
May 1, 2002 12:00 PM
Shanghai Electric Group (SEC), a Chinese heavy-electronic and industrial-equipment manufacturing group, and Morningside Group (MS), a global investment enterprise, have purchased the business rights of Akiyama Printing Machinery Manufacturing Corp. (APMMC). The purchase includes properties, buildings, facilities and patents. The companies have jointly established a new company, Akiyama International Co., Ltd. (AIC), which will assume all business of APMMC.
MS and SEC currently manage and jointly operate a press-manufacturing company in Shanghai, China. They have been negotiating the purchase of APMMC since June 2001.
AIC officially started operation on Jan. 28, hiring back a large number of former APMMC employees. It will promote and market the J-Print perfector press and Bestech presses worldwide.
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