Mitsubishi Motors Corporation (MMC) says it has acquired 90% of the shares of Asian Transmission Corporation (ATC) from Mitsubishi Motors Philippines Corporation (MMPC) and Sojitz Corporation (Sojitz).
 
A production base for components, ATC supplies transmissions and engines for cars mainly to MMPC and other ASEAN countries.

A statement from Mitsubishi noted: "Through capital restructuring of ATC, MMC will enhance management of its component production business. Accordingly, MMC will utilise this advantage in the ASEAN region and produce newly-developed transmissions exclusively at ATC starting from September this year.
 
"One major pillar of MMC's New Stage 2016 next mid-term business plan is to reinforce its production base in ASEAN countries. MMC will further reinforce operating base in ASEAN countries where [the] automobile market is expected to have sustainable growth.

"MMC will do so by strengthening the structure of supplying components within ASEAN countries in addition to the restructuring of production capability in the Philippines as announced in March this year."

Show the press release

 

Mitsubishi Motors Acquires Majority in Philippine Component Producer
- Core ASEAN-focused growth strategy enhanced through production base -
Tokyo, June 27, 2014 - Mitsubishi Motors Corporation (MMC) announced that it has acquired shares of Asian Transmission Corporation (ATC) from Mitsubishi Motors Philippines Corporation (MMPC)* and Sojitz Corporation (Sojitz). As a result, MMC now holds 90% of ATC shares.
* MMC's exclusive producer and distributor in the Philippines.
 
A production base for components, ATC supplies transmissions and engines for automobiles mainly to MMPC and other ASEAN countries. Through capital restructuring of ATC, MMC will enhance management of its component production business. Accordingly, MMC will utilize this advantage in the ASEAN region and produce newly-developed transmissions exclusively at ATC starting from September this year.
 
One major pillar of MMC's New Stage 2016 next mid-term business plan is to reinforce its production base in ASEAN countries. MMC will further reinforce operating base in ASEAN countries where automobile market is expected to have sustainable growth. MMC will do so by strengthening the structure of supplying components within ASEAN countries in addition to the restructuring of production capability in the Philippines as announced in March this year.
 
Outline of ATC (Asian Transmission Corporation)
Company
Asian Transmission Corporation
Headquarters
Calamba, Laguna, Philippines
Established
January 1973
Capital
770,000,000 PHP
Stockholders
(after restructuring)
MMC 90%, ATC retirement fund 10%
Scope of operations
Production of transmissions and engines
Number of employees
518 employees (as of end of May, 2014)
Representative
Mitsutaka Kaneko, President

Original source: http://www.supplierbusiness.com/news/26630/mitsubishi-acquires-majority-stake-in-philippine-transmission-manufacturing-subsidiary