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Morningside, Shanghai Electric purchase business rights of Akiyama

Mar 7, 2002 12:00 AM

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Shanghai Electric Group (SEC), a heavy electronic and industrial equipment manufacturing group, and Morningside Group (MS), a global investment firm, have purchased the business rights including properties, buildings, facilities and patents of Akiyama Printing Machinery Manufacturing Corp. (Tokyo). The companies have jointly established a new company named Akiyama International Co., Ltd. (AIC) and will succeed all business of Akiyama Printing Machinery.

AIC officially started the new operation on January 28, 2002, hiring back a large number of the discharged employees of the former organization. AIC will promote and market the J Print perfector presses and the Bestech model presses worldwide.

MS and SEC currently manage and jointly operate a press manufacturing company in Shanghai; they have reportedly been negotiating the Akiyama purchase since June 2001.