Finance operation to support Mori Seiki and DMG sales

Mitsui operates a wholly owned machine tool leasing company in Germany – MFS Europe GmbH. This will become a joint venture through the capital participation of Mori Seiki and DMG (Gildemeister's machine tool sales and service arm). Mori Seiki and Gildemeister formed a business and capital alliance in March, which saw each take a 5% stake in the other. The two companies are also collaborating on sales, service, part purchase and manufacture, product development, and the sale of each others machines under the other's brand name. The new joint venture finance firm will specialise in providing finance leases for machines manufactured by Mori Seiki and Gildemeister (the latter sold throuhg DMG). The two machine tool companies will each take a 33% stake, Mitsui the remaining 34%. The name of the company will be changed to MG Finance GmbH. Mitsui is already engaged in sales of Mori Seiki's machine tools in Japan, the United States, Russia and Brazil. Mitsui & Co pursues a wide variety of businesses worldwide, in partnership with the people of the regions in which it does business. Areas covered range from development of resources, such as iron and steel raw materials, oil and gas; through to logistics, finance, and personal item, such as mobile phone contents, food and fashion items. The establishment of this finance organisation follows the announcement made on Monday, 5 October at EMO, Milan, where DMG and Mori Seiki stated that they were aiming to establish just such an operation.