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 - (JCN 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 ©2021 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.

Related Press Release


Mazda3 Named Canadian Car of the Year 2021
April 14 2021 11:47 JST
 
Mazda Announces Mid-career Recruitment Plan for Fiscal Year Ending March 2022 and Graduate Recruitment Plan for Fiscal Year Ending March 2023
March 31 2021 16:09 JST
 
Mazda Production and Sales Results for February 2021
March 30 2021 16:13 JST
 
Mazda Production and Sales Results for January 2021
February 25 2021 16:33 JST
 
Mazda Production and Sales Results for November 2020
December 28 2020 09:37 JST
 
Mazda MX-30 Wins Design Car of the Year in 2020-2021 Car of the Year Japan Awards
December 07 2020 18:13 JST
 
Mazda Production and Sales Results for October 2020
November 27 2020 20:29 JST
 
Mazda CX-30 Named Thailand Car of the Year 2020
November 27 2020 18:33 JST
 
Mazda: Production Facility in Thailand, AutoAlliance (Thailand), Celebrates its 25th Anniversary
November 27 2020 18:03 JST
 
Mazda Included in Dow Jones Sustainability Asia Pacific Index for Fourth Year Running
November 26 2020 18:15 JST
 
More Press release >>

Latest Press Release


More Latest Release >>