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26
ANNUAL REPORT 2003 POWER TO CHANGE
WHAT MUTUAL BENEFITS DOES THE SPIN-OFF BRING FOR MFTBC
AND MMC?
For MFTBC, the spin-off not only makes it an independent, special-
ized manufacturer of trucks and buses, but also immensely strength-
ens its ties with DC, the world’s leading truck manufacturer. Direct
collaboration with DC on many fronts, combined with other aspects
of the MMC/DC alliance, adds up to a far more competitive position
for the company. MFTBC will be able to reduce its cost base substan-
tially through the sharing of parts and components and the joint
development of advanced technologies. In addition, with direct access
to DC’s extensive sales networks across Europe and North America,
MFTBC is well-positioned to strengthen its presence in these areas. The
In January 2003, MMC spun off its truck and bus operations to
form an independent company, Mitsubishi Fuso Truck and Bus
Corporation (MFTBC). In March 2003, MMC sold 58% of its
shares in MFTBC to DC and 10 Mitsubishi group companies.
MMC now owns a 42% share in MFTBC following this trans-
action. DC owns 43%, and companies within the Mitsubishi
group own the remaining 15%. These moves deepened the
alliance with DC while laying more secure foundations for the
future success of both MMC and MFTBC.
Takashi Usami, Chairman of MFTBC (left)
Wilfried Porth, President & CEO of MFTBC (right)
SPIN-OFF OF TRUCK & BUS OPERATIONS