Japan-based Mitsubishi Heavy Industries (MHI) Printing & Packaging Machinery and Ryobi have signed a pact to study the possibility of establishing a joint venture company for sheetfed printing technology.
The two Japan-based press manufacturers said that they have set 30 June 2013 as the deadline to conclude the final agreement on joining their sheetfed businesses.
Both the companies are facing shrinking market demand for their sheetfed presses, particularly in developed countries, due to the recent global economic crisis.
In a joint statement, MHI and Ryobi said they expect improvements in the commercial printing industry in the developing countries to fuel increased market demand for printing machinery.
The business alliance would seek to strengthen the companies' presence in the global market which allows for significant synergies, such as enhancement of product lineup, enlargement of product development capability, reduction of product cost and improvement in sales and service networks.
