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Press release
Nov 30, 2020 18:24 JST
Source:
mazda
Mazda and Sumitomo Agree to Transfer Shares of MMVO, a Joint Venture Production Base in Mexico
- MMVO to be owned solely by Mazda by the end of this fiscal year -
TOKYO, Nov 30, 2020 - (ACN Newswire) - Mazda Motor Corporation and Sumitomo Corporation officially agreed today to Mazda obtaining all the shares Sumitomo owns in Mazda de Mexico Vehicle Operation (MMVO). After the formalities regarding the transfer, MMVO will be a production base owned 100 percent by Mazda by the end of the fiscal year ending in March 2021.
MMVO was jointly established as a cooperative enterprise between Mazda and Sumitomo in September 2011 that leverages the strengths of both companies. Receiving support from both parties as well as the local community, MMVO has striven to realize Mazda's high-quality and flexible car manufacturing while also promoting localization and personnel development. More than nine years since its establishment, MMVO became one of Mazda's major production facilities with its localization strengthened thanks to Sumitomo's experience and knowledge as well as its cumulative production volume reaching as many as 1 million 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. MMVO will continue to contribute to the local economy as well as further development of the automotive industry in the country.
Source: mazda
Sectors: Automotive
Copyright ©2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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