Mazda Motor Corporation and Sumitomo Corporation have agreed to the automaker obtaining all the shares Sumitomo owns in Mazda de Mexico Vehicle Operation (MMVO).
After formalities regarding the transfer, MMVO will be a production base owned 100% by Mazda by the end of the fiscal year ending 31 March 2021.
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MMVO was jointly established as a cooperative enterprise between Mazda and Sumitomo in September 2011 to leverage the strengths of both companies.
MMVO is now one of Mazda's major production facilities with its localisation strengthened thanks to Sumitomo's experience and knowledge. Production volume has passed 1m units.
It was agreed that as MMVO reaches its 10th year since its foundation, Mazda will become the sole proprietor of MMVO as a result of discussions between Mazda and Sumitomo on MMVO's future plans and management.
In the future, Mazda and Sumitomo will continue to cooperate as important business partners in various business areas in and out of Japan.
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