German machine-tool manufacturer DMG Mori Seiki and its same-named partner from Japan have taken the next step in their relationship, with the announcement of a takeover offer from the smaller, family-owned Japanese company last week.
The German MDAX company – formerly called Gildemeister – and its Japanese partner have been consolidating their operations since 2009. They have already synchronized machine design, brand-and-marketing work and service departments.
The Japanese company wants to increase its share of the business from 24.3 percent to at least 50 percent. This would create the largest company in the sector, with almost 12,000 employees and sales of €3.5 billion.
“Our products perfectly complement each other,” said the head of the German partner, Rüdiger Kapitza, in support of the merger. The share price leaped to a record high after the announcement.